Newly published data by the UK’s leading mortgage advisory service reveals that although the number of newly issued home loan plans for the month of August was below average, borrowing levels across the board were still atypically high.
Accordingly, total borrowings for the month of August levelled out at around 33 billion, representing a fall of around 5% faired against that of July. However, faired against the same time last year, this figure was still well above the typical month average.
A spokesperson for the organisation responsible for the research suggested that changes in the national base rate have had an obvious effect on consumer borrowings and it would appear that many Brits are conscious of a further rate rise in the not to distant future. He also suggested that would be borrowers will more than likely continue to be vigilant until a more favourable change in national interest rates occur.
In addition, individuals who are currently in the throws of the last rate rise and are struggling with increased personal debt as a result are likely to be pushed even closer towards their financial threshold, if interest rates continue to increase at their current pace.
