Increases in borrowing

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Increases in borrowing

Growing consumer confidence is creating more demand for mortgages, loans and higher spending on credit cards, a banking body has said.

 

The British Banking Association who represent all major high street banks have said there has been a rise in mortgage approvals. In addition to this borrowing on credit cards outstripped repayments.

 

Low interest rates in the UK have led to competitive deals for borrowers, but is found to be frustrating for many savers looking to find a good return for their funds. Mortgage rates have been particularly low for those able to raise a deposit and wishing to secure a deal. The latest figures from the BBA show that the number of mortgages that are being approved for house purchase in September was 42,990, this was increased from 38,834 the month before and nearly 7,000 higher than the average of the past 6 months.

“September’s figures build on the growing picture of improved consumer confidence, with stronger gross mortgage lending, rising house purchase approvals and increased consumer credit,” said David Dooks, statistics director at the BBA.

Due to the banks lending more money and it being easier to spend on a credit card, it is very easy for these lenders to get into debt with the banks. This could mean people losing houses or belongings. Before this happened it would be useful get help with debt management.

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