Home loan figures up

Latest information on net lending figures in May from the Major British Banking Groups (MBBG) have been revealed today.

Figures show that gross mortgage lending was up two per cent on April, but eight per cent lower than the same period last year.

In addition, May saw 186,442 mortgages approved, worth £16.5 billion.

Loans and overdrafts were also up on April's lending, although credit card borrowing was weaker than the last six months.

BBA director of statistics, David Dooks, said: "Whilst mortgage lending was slightly stronger in May, it is noticeable that all measures were below comparable data a year earlier, when May was a relatively weak month."

The MBBG make up around two-thirds of all mortgage lending outstanding and around 70 per cent of gross lending.