MORTGAGE DEBT STILL GROWING TOO RAPIDLY - 2004-01-21
Commenting on the Building Societies Association figures this morning showing lending up 70% in 2003 Vince Cable MP, Liberal Democrat Shadow Chancellor, said:

"These figures show that housing credit is still growing at an extraordinarily rapid rate.

"Even the Financial Services Authority is expressing alarm at the rising level of mortgage debt.
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MORTGAGE LENDING SURGED 25% IN 2003 - 2004-01-21
Homeowners borrowed £270.6bn in 2003 as the lending market was boosted by people remortgaging to a better deal.

The Council of Mortgage Lenders showed total lending was nearly 25% higher than in 2002 and more than double lending in 2000.

While £120.8bn was advanced to people remortgaging, a 50% increase over the previous year, loans for house purchase were just 3% higher at £121.8bn.
Read the full story at Teletext