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Homebuyers receiving increased lending

Recent data from the British Bankers’ Association has shown that high street banks throughout the UK have increased their lending to people buying homes in recent months, with consumers paying off their credit card debts faster than they have borrowed additional money.

The BBA represents the vast majority of mortgage and financial lenders in the UK, Their latest figures indicate that the number of loans granted to people buying homes rose from 45,897 from 44,965 in November and that the number of remortgages also saw a slight rise.

Despite this positive outlook, there are suggestions that activity levels may have been spurred on by home buyers looking to buy before the end of the year, avoiding the returning stamp duty tax on many properties.

The report also showed that consumers are continuing to remain cautious when it comes to credit card spending. Credit card repayments reached £5.9bn in December, outpacing new spending by around £100m.

The biggest decline in lending has been to the public administration and defence sectors, which includes government departments.

Source: homemove.co.uk

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