Mortgage Borrowing Hits Record High Of £17.9bn In June

Net mortgage borrowing reached a record high of £17.9 billion in June, just before the lower stamp duty rates began to taper off from July, according to the Bank of England. The previous record, in March 2021, was £11.5 billion, and borrowing has averaged £5.4 billion in the 12 months to May 2021. The Bank says its figures suggest there has been a shortening of time between a mortgage being approved and the lending itself, as there was no large rise in the number of mortgage approvals in recent months, unlike ahead of the strong net borrowing in March. Read more on the Financial Reporter website.

https://www.financialreporter.co.uk/mortgages/mortgage-borrowing-hits-record-high-of-179bn-in-june-boe.html