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Overall mortgage lending grew in October, despite an uncertain economic environment, while house purchase mortgage approvals by the main high street banks were also up on the previous year.
Key data highlights:
Commenting on the data, Eric Leenders, Managing Director, Personal Finance at UK Finance, said:
However remortgaging activity has softened, following a period of strong growth driven by fixed rate loans reaching maturity and anticipation of August's base rate rise.
Households are taking a measured approach to credit, with repayments on credit cards broadly in line with spending.
This reflects the growing preference of customers to use their credit cards as a means of payment rather than a borrowing mechanism, making the most of additional consumer protections and value-added benefits.
<ol><li>For more information please call the UK Finance Press Office on 020 7416 6750 or e-mail <a href="mailto:press@ukfinance.org.uk">press@ukfinance.org.uk</a>.</li> <li>UK Finance is the trade association formed on 1 July 2017 to represent the banking and finance industry operating in the UK. It represents more than 250 firms in the UK providing credit, banking, markets and payment-related services. The organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers? Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.</li> <li>Data in this update referred to as main high street banks reflects more than two-thirds of all UK lending and deposit activity provided by all banks and building societies and is indicative of household behaviour.</li> </ol>
24.11.18
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