Menu
01/09/2003
Mortgage lending on the rise despite concerns over consumer debt
Mortgage lending hit a record high in July, according to the latest figures from the Bank of England.
A further cut in interest rates saw gross mortgage lending rise by £8.35bn - the highest since records began in April 1993.
According to the statistics, 111,000 new mortgages were taken out during July, continuing the rise seen in the figures for the previous three months - an upwards trend that seems set to continue despite suggestions that the housing market is slowing down.
However, Simon Rubinsohn, Chief Economist at Gerrard, sounded a note of caution about the current state of mortgage lending. He commented: "I think what you also see is that the amount of lending is rising much more sharply than the transactions. That can lead to only one conclusion - that equity release is continuing apace."
Concerns over consumer debt are also growing following surveys which show that people are finding it increasingly difficult to get out of debt despite the current economic climate of low interest rates and low unemployment.
The Consumer Credit Counselling Service (CCCS) has said it has seen a significant increase in the number of people who are unable to comply with their debt repayment plans – with almost one in two of those seeking help taking a year or more to even begin to tackle their financial problems.
Consolidation loans were singled out for criticism, with the CCCS describing them as limiting the options for those in debt to find reasonable ways of repaying what they owe.
A further cut in interest rates saw gross mortgage lending rise by £8.35bn - the highest since records began in April 1993.
According to the statistics, 111,000 new mortgages were taken out during July, continuing the rise seen in the figures for the previous three months - an upwards trend that seems set to continue despite suggestions that the housing market is slowing down.
However, Simon Rubinsohn, Chief Economist at Gerrard, sounded a note of caution about the current state of mortgage lending. He commented: "I think what you also see is that the amount of lending is rising much more sharply than the transactions. That can lead to only one conclusion - that equity release is continuing apace."
Concerns over consumer debt are also growing following surveys which show that people are finding it increasingly difficult to get out of debt despite the current economic climate of low interest rates and low unemployment.
The Consumer Credit Counselling Service (CCCS) has said it has seen a significant increase in the number of people who are unable to comply with their debt repayment plans – with almost one in two of those seeking help taking a year or more to even begin to tackle their financial problems.
Consolidation loans were singled out for criticism, with the CCCS describing them as limiting the options for those in debt to find reasonable ways of repaying what they owe.
Related UK National News Stories
Click here for the latest headlines.
21 October 2004
Charity calls for credit reform to tackle rising debt problems
Citizens Advice has issued a credit warning to consumers after revealing that people approaching the agency with debt problems had risen by three-quarters over the past seven years. On the back of the figures, the charity has today called for a reform of Britain’s "outdated" consumer credit laws to be included in the Queen’s Speech later this year.
Charity calls for credit reform to tackle rising debt problems
Citizens Advice has issued a credit warning to consumers after revealing that people approaching the agency with debt problems had risen by three-quarters over the past seven years. On the back of the figures, the charity has today called for a reform of Britain’s "outdated" consumer credit laws to be included in the Queen’s Speech later this year.
20 June 2011
Mortgage Lending Boosted
Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders (CML). This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010. Gross mortgage lending includes lending for both house purchase and remortgage.
Mortgage Lending Boosted
Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders (CML). This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010. Gross mortgage lending includes lending for both house purchase and remortgage.
27 April 2012
Government Departments Outsourcing Debt Collection
Government departments tasked debt collection agencies with recovering almost £60bn in unpaid consumer debt last year, according to figures release for the first time by the industry.
Government Departments Outsourcing Debt Collection
Government departments tasked debt collection agencies with recovering almost £60bn in unpaid consumer debt last year, according to figures release for the first time by the industry.
14 February 2011
Funding Of £27m Secures Face-To-Face Debt Advice Programme
The future of the face-to-face debt advice programme has been secured today with the Government announcing £27 million of funding for the next year. The Government wants to ensure that individuals facing financial difficulty can get valuable impartial advice early, rather than wait until their problems become much more difficult to resolve.
Funding Of £27m Secures Face-To-Face Debt Advice Programme
The future of the face-to-face debt advice programme has been secured today with the Government announcing £27 million of funding for the next year. The Government wants to ensure that individuals facing financial difficulty can get valuable impartial advice early, rather than wait until their problems become much more difficult to resolve.
04 February 2010
Interest Rates And 'Easing' Held
The Bank of England today held interest rates at 0.5%, with so-called 'quantitative easing' being mainted at £200 billion. The UK officially climbed out of recession last month, following a 0.1% growth in output. "After a substantial fall in output, the UK economy recorded sluggish growth in the final quarter of 2009," the bank said this morning.
Interest Rates And 'Easing' Held
The Bank of England today held interest rates at 0.5%, with so-called 'quantitative easing' being mainted at £200 billion. The UK officially climbed out of recession last month, following a 0.1% growth in output. "After a substantial fall in output, the UK economy recorded sluggish growth in the final quarter of 2009," the bank said this morning.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
