There has been an increase in the number of approvals for mortgages on house purchases compared to the beginning of the year with help from homebuying schemes.
Bank of Scotland figures show a total of 53,504 home loans were approved for house purchases during March, up from February’s five-year low of 51,947. However, the figure remained below the 55,415 approvals registered in December.
Since the start of the year lenders have continued to cut interest rates on loans for borrowers with large amounts of equity.
The Bank’s figures showed total lending to individuals increased by £0.9bn in March, compared to the average monthly increase of £1bn over the previous six months.
Consumer borrowing through loans, credit cards, overdrafts and other forms of consumer credit remained muted, with March’s increase of £0.5bn only fractionally higher than the previous six-month average of £0.4bn. Credit card lending was up by £0.2bn while other unsecured borrowing increased by £0.3bn
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