Mortgage figures remain steady

25 March 2004
New figures show that mortgages and consumer credit remained steady last month.

According to data from the British Bankers Association total new mortgage lending stood at £13.5 billion for last month, which was - as expected - lower than January.

In addition more loans were approved during the month with £15.4 billion worth of loans approved and consumer credit increased by £700 million with the strongest rise in credit card borrowing since September.

David Dooks, BBA director of statistics commented: "Relatively subdued gross mortgage lending in February reflected the usual seasonal pattern, though the volumes of loans approved in the month, particularly for house purchase, suggest that a buoyant lending picture will return in the near term.

"In seasonally-adjusted terms, consumer credit is rising at a steady rate overall."

Figures are based on the Mayor British Banking Groups (MBBG) and include 12 of the 15 largest UK mortgage lenders.