UK Money News
21st January 2008
BSA: Lending drops as interest rates rise
Amounts of money being borrowed from building societies as mortgage loans decreased last month on a year-on-year basis, according to the latest personal finance news from the Building Societies Association (BSA).
The annualised fall in lending by building societies has been put down to recent rises in interest rates, which has seen many people around the country seek out expert debt advice.
According to the BSA's data, its members advanced a gross total of £3,728 million to consumers around the country last month, which is almost £260 million less than was the case over the course of December 2006.
"Gross lending by building societies was almost flat year on year, at £52.1 billion in 007, compared to £52.8 billion in 2006," said Adrian Coles, director-general of the BSA.
"However, net lending by building societies as down by 20.7 per cent to £12.6 billion in 2007, largely because of higher interest rtes in the mortgage market as a whole"
Last month, a report from the BSA suggested that raising a deposit is the difficult personal finance problem for Britons aiming to get a foot on the UK's housing ladder.
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