Overall mortgage lending grew in October according to UK Finance

November 26, 2018

Latest UK Finance’s Household Finance Update for October 2018 reveals that gross mortgage lending across the residential market in October was £25.5bn, some 5.6 per cent higher than last October.

Commenting on the data, Eric Leenders, Managing Director, Personal Finance at UK Finance, said:

“Overall mortgage lending grew in October, despite an uncertain economic environment, while house purchase mortgage approvals by the main high street banks were also up on the previous year.

“However remortgaging activity has softened, following a period of strong growth driven by fixed rate loans reaching maturity and anticipation of August’s base rate rise.

“Households are taking a measured approach to credit, with repayments on credit cards broadly in line with spending.

“This reflects the growing preference of customers to use their credit cards as a means of payment rather than a borrowing mechanism, making the most of additional consumer protections and value-added benefits.”

Read the UK Finance Household Finance Update – October 2018 in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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