BoE: Mortgage borrowing holds steady in December
Net mortgage borrowing reached £4.6bn in December, above the £4.2bn average seen over the previous six months, the Bank of England’s Money and Credit statistics found.
The number of approvals rose to 67,200, above the six-month average of 65,900, highlighting that the market still performed steadily amidst the uncertainty of the general election.
Kevin Roberts, director, Legal & General Mortgage Club, said: “These lending figures from the Bank of England provide further indication that the mortgage market remained steady and resilient in the final months of 2019, even in the lead up to a General Election.
“At Legal & General Mortgage Club, we also saw a strong end to the year with a record number of completions for December, and with a reduction in political uncertainty we anticipate the wider mortgage market will enjoy further growth in the early part of 2020.
“Consumers across the country are still clearly reaping the benefits of a highly competitive mortgage market, whether they are taking their first step onto the ladder or locking into a competitive fixed rate when remortgaging.
“In many instances, these borrowers are drawing on the expertise of an independent adviser to help them find the right mortgage to make their housing plans a reality.”