UK Finance, the trade body for High Street Banks, had announced that overall mortgage borrowing across the residential property market continues to stay stable and the trend in households cash savings stays steady.
Based on the research UKF conducted, it shows that total credit card spending has increased within November while borrowing growth continues to remain constant compared with November last year. The increase in spending is mainly due to the massive offset by cardholder repayments, it reflects the growing use of credit cards as a preferred formed of payment. Mainly in travel, since consumers take advantage of stronger customer protection and value-added benefits.
The number of mortgages approved by the main high street banks was 10.6% lower than November 2017 which led to a reduction in re-mortgages, according to the trade body’s investigation and analysis. In addition to this, the approvals for house purchase has decreased by 1.2% lower, also, re-mortgage approvals were 20.3% lower. Also, the approvals for other secured borrowing were 12.2% lower,
Moreover, in November £11.3bn of credit card spending in November was 7.5% higher than November 2017. Over the period of the 12 months, the outstanding level of credit card borrowing had increased by 5.3%. Also, personal borrowing has increased by 2.5% in November, mainly due to loans and overdrafts.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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