Press Release Summary = The number of people procuring mortgage loans has increased, reports the British Bankers' Association. The total mortgage lending has reached the highest level in the month of June but the repayments have exceeded new spending.
Press Release Body = London (bad-credit-mortgage-choice) July 12, 2006: According to latest figures issued by the British Banker's Association, the Mortgage lending has reached £18.23 billion during the month of June. It is the highest level on the record. This remarkable figure was 18 per cent higher than the statistics available in April and 27 per cent higher than the lending during the month of May last year.
The total lending was also strong at £5.73 billion, recorded as the highest level for two years, and up on the recent six-month average of £5.07 billion.
However, consumers seemed pleased to procure a mortgage loan and happy to take on mortgage debt.
In addition to these figures, it's been found out that people spent a total of £7.68 billion on their plastic during May, which was 16 per cent more than in April.
Nevertheless, people had actually repaid more than they spent which led to an outstanding card debt falling by £251 million during the same month. It was the third time this year that repayments had exceeded new spending.
According to the Industrial Relations Services, pay increases had averaged 3 per cent across the UK over the recent months with only one in four people getting a pay rise than they did a year ago.
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