Posted on 02 September 2009
Tags: approvals, Bank of England, capital, consolidate, consumer credit, Debt, economic, finances, housing market, Lending, low interest rate, Money, Mortgage, new credit, non-financial companies, recovery, Repayment, The Building Societies Association, tracker mortgage
The Bank of England figures showed today that for the first time since 1993, people paid off mortgage debt faster last month than they took on new debt, suggesting that a real housing market recovery could be on its ways.
People are paying off their debt, taking advantage of the current low-interest rate
According to the Bank, mortgage repayments exceeded new borrowing by £418m in July, as people are taking advantage of the period of ultra-low interest rates to pay off the capital on their mortgages, especially if they have benefited from being on a tracker mortgage.
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Posted on 26 August 2009
Tags: annual rise, Bank of England's Monetary Policy Committee, Banks, BBA, borrowing, Britain, British Bankers' Association, credit, defense sectors, Economist, Funds, home, industry, July, long-term, Money, monthly approvals, Mortgage, non-financial companies, November, public administration, refinance, Royal Institution of Chartered Surveyors
Although the activity is still well below pre-recession levels, the number of mortgages approved for home purchase by Britain’s major high street banks rose by 7pc to 38,181 in July, which is more than double the low point in November.
According to the British Bankers’ Association (BBA) data, this was the highest number of approvals since February 2008, as compared with 35,564 in June.
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