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Continued decline in mortgage debt borrowing
Borrowing of mortgage debt continued to decline in April, according to the Bank of England’s latest money and credit figures.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
The rate at which borrowing dropped went from net zero to £1.4bn in net payments – resulting in the lowest borrowing rate since July 2021 and, if the period since the onset of the pandemic is excluded, makes it the lowest borrowing rate on record.
Additionally, gross lending decreased from £19.7bn to £17bn while gross payments fell for a third consecutive month to £18.5bn in April.
Net borrowing of consumer credit by individuals, meanwhile, remained unchanged when compared to March at £1.6bn. This was split between £700m of borrowing on credit cards and £900m of borrowing through other forms of consumer credit.
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