Home loans down! Credit cards up!
March was one of the slowest months in over a year for new mortgage approvals according to recent studies.
Based on the latest industry statistics, the number of newly approved home loans for the month of March was down by just over 8% faired against the month previous. However, in spite of the decline, UK homeowners still managed to rack up total secured borrowings of over £1 Billion.
The accumulative total of new mortgages in March equated to just shy of £34.5 Billion. Secured lending has achieved an annual increase of around £10 Billion.
In response to ever increasing interest rates, the volume of remortgages in the month of March dropped by around 7% after substantial growth in the month previous. This new data is yet more evidence of a slowdown in the housing market, as affordability levels reach their peak.
On the other side of the coin, the number of people borrowing against their plastic increased by almost 20%, with total borrowings up by a staggering £210 Million.
