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Scarborough: Personal debt "being taken for granted"

27 June 2006
Scarborough Building Society has announced record levels of mortgage lending but also warned of "increasing levels of personal debt…frequently being taken for granted".

John Carrier, the building society's chief executive, said that overall lending across the sector was still increasing and that lenders would need to adapt their policies and products to incorporate the new dynamic in Britain today.

"Young people are borrowing an average of £20,000 to fund higher education costs before they even start work and continuing house value increases are making home ownership a real difficulty for many people.

"That means traditional mortgage products will need to be adapted by more and more mainstream lenders in the future," Mr Carrier said.

"Providers like ourselves are going to have to be able to offer 'out of the box' solutions to enable people to get a footing on the first or second rung of the property ladder."

Mr Carrier added that he believed Scarborough's range of mortgage products would "continue to evolve in the future" as they would respond to the needs of the modern customer living in the 'culture of debt' that persists today.

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