UK Mortgage lending drops to lowest levels

New mortgage lending in the UK fell to 12-month lows in April, Bank of England figures show.

Mortgage approvals totalled 107,000 down from 111,000 in March - which is the third monthly decline in a row.

The data also hinted the market may be slowing as the value of home loans rose £8.9bn, compared with £9.9bn in March.

But, more surprising, was the sharp drop in consumer debt which rose by £498m - half what was expected and its the weakest increase since March 1997. undefined undefined

Historically low interest rates in the past few years have encouraged Britons to take on a mountain of debt - now reaching £1.5 trillion.


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