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Mortgage lending fell in February, say UK banks Mortgage lending fell in February, say UK banks
(35 minutes later)
The number of people taking out mortgages in February fell, according to the UK banking industry.The number of people taking out mortgages in February fell, according to the UK banking industry.
The British Bankers' Association (BBA) said the total number of mortgages granted was 6% lower in February than at the same time a year ago.The British Bankers' Association (BBA) said the total number of mortgages granted was 6% lower in February than at the same time a year ago.
Some 30,506 home loans were approved during the month, the lowest figure since last July.Some 30,506 home loans were approved during the month, the lowest figure since last July.
The amount of money being lent to homeowners fell by £65m, compared with January.The amount of money being lent to homeowners fell by £65m, compared with January.
The figures suggest that the Bank of England's Funding for Lending Scheme (FLS) is not yet having an impact on total mortgage lending, even though some individual mortgage deals have become cheaper.The figures suggest that the Bank of England's Funding for Lending Scheme (FLS) is not yet having an impact on total mortgage lending, even though some individual mortgage deals have become cheaper.
Under Funding for Lending, the Bank of England is letting banks borrow funds from it cheaply, as long as they lend it on to businesses and individuals.Under Funding for Lending, the Bank of England is letting banks borrow funds from it cheaply, as long as they lend it on to businesses and individuals.
"With half the country frozen solid, Britain's mortgage lending climate is sliding back into the deep freeze too," said Ashley Brown of the mortgage broker Moneysprite."With half the country frozen solid, Britain's mortgage lending climate is sliding back into the deep freeze too," said Ashley Brown of the mortgage broker Moneysprite.
"This is despite the Funding for Lending Scheme's success at unblocking the credit pipeline," he said."This is despite the Funding for Lending Scheme's success at unblocking the credit pipeline," he said.
Cheaper mortgages Low rates
The BBA said the value of mortgage lending had risen slightly over the past 12 months, by 0.1%.The BBA said the value of mortgage lending had risen slightly over the past 12 months, by 0.1%.
"Banks continue to support household borrowers, providing almost £8bn of mortgage lending in February," said David Dooks of the BBA."Banks continue to support household borrowers, providing almost £8bn of mortgage lending in February," said David Dooks of the BBA.
"But low interest rates allow homeowners more scope to increase repayments on their mortgages and reduce the outstanding amount," he said."But low interest rates allow homeowners more scope to increase repayments on their mortgages and reduce the outstanding amount," he said.
In February, the Council of Mortgage Lenders (CML) reported that mortgage lending had fallen 3% between January 2012 and January 2013.In February, the Council of Mortgage Lenders (CML) reported that mortgage lending had fallen 3% between January 2012 and January 2013.
However, the CML said it expected some improvement in activity in the coming months, partly as a result of Funding for Lending.However, the CML said it expected some improvement in activity in the coming months, partly as a result of Funding for Lending.
Earlier this month, the Bank of England reported that net lending to businesses and individuals fell by £2.4bn in the last quarter of 2012. It said Lloyds Banking Group, Santander and RBS had all seen net lending fall during the period.Earlier this month, the Bank of England reported that net lending to businesses and individuals fell by £2.4bn in the last quarter of 2012. It said Lloyds Banking Group, Santander and RBS had all seen net lending fall during the period.