BBA figures show that gross mortgage lending increased to £16.9 billion in July, up 13 per cent from June and 16 per cent from July last year. The BBA says that there were 281,500 mortgage loans approved in July, 10 per cent more than in June and 19 per cent more than in July last year. The number of loans approved for equity withdrawal was 35 per cent higher than a year ago while the number approved for remortgage was 23 per cent higher.
Executive director Roger Brown says: “Both gross and net mortgage lending were stronger in July and the approvals data for the month were robust. A notable feature of the approvals figures was the scale of the demand for loans for equity withdrawal. Credit card lending recovered in July following the modest rise in June, though this was offset by weaker growth in other unsecured lending.”