Lending hits levels not seen since before the financial crash

News Article

Mortgage lending in the UK has climbed to its highest level in almost a decade.

Official Bank of England (BoE) figures confirm that lending totalling £69.6billion had been recorded in the three month period to September.

This was 14 per cent more than during the equivalent quarter last year.

The activity, which has not been seen on this scale since the start of 2008, has been fuelled by re-mortgaging in order to lock-in cheaper deals.

Consumers generally seem to be more aware of the value of capitalising on low interest rates and have acted accordingly.

Although following the publication of the data, concerns were raised that first-time buyers continue to face challenges.

Indeed, the proportion of mortgages offered to those looking to get a foot on the property ladder fell over the course of the quarter.

The share of new lending to first-time buyers now accounts for 21 per cent of the overall market.