While total lending to individuals was down in the UK, mortgage lending increased by £2.1bn (US$3.39bn) in July, above the £1.9bn increase in June, the Bank of England reported.
There were 50,123 purchase mortgages approved in July, a 5% increase from June and a 50% jump from one year ago. There were 35,206 remortgage (refinance) loans approved in July, higher than the June total and the monthly average over the last six months.
But the 12-month growth rate ending July 2009 fell by 30 bps to 0.8%. The July net repayment was £400m, from June’s net repayment of £100m.