British households are taking on the highest levels of
fresh mortgage debt since the beginning of 2008, spurred by low interest rates
from the Bank of England. Banks extended
new mortgage commitments to borrowers worth £69.6bn in the three months to the
end of September, an increase of 14% on the same period in 2016 and the highest
amount recorded over a three-month period since the start of 2008, official
figures show. The figures come after John McDonnell, the shadow chancellor,
warned that banks are becoming increasingly engaged in a “race to the bottom”
on mortgages, credit cards and other consumer loans that has worrying parallels
to years before the financial crisis. Read more on the Guardian website.
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