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Mortgage lending remains unchanged, says BBA

Total mortgage lending remained at £3.1bn last month, according to figures from the British Bankers’ Association released today.

Figures show that mortgage lending from high street banks stayed at £3.1bn in October, the same for September.

House purchase approvals for October rose from 42,073 in September to 42,238 last month, with £6.1bn of house purchase loans approved in October, up 118 per cent year-on-year.

The number of remortgages drooped 1.7 per cent last month, from 21,054 in September to 20,685 last month.

BBA statistics director David Dooks says: “The longer it takes to emerge from recession, the longer we will see households and businesses continue to borrow with caution.

“A mixture of lower business demand, alternative corporate funding and tighter lending conditions, all giving rise to the on-going contraction in lending to non-financial companies, is a reflection of current market conditions.”

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