September 28, 2021

MP Now News

Mortgage News

UK households post rare net mortgage repayment in July

FILE PHOTO: High-rise apartments under construction can be seen in the distance behind a row of apartment buildings in south London, Britain, on Aug. 6, 2021. REUTERS / Henry Nicholls

LONDON (Reuters) – UK households made rare net repayments on mortgage loans last month after a record spike in borrowing in June as home buyers rushed to take full advantage of a tax break, Bank of England data showed on Tuesday.

Net mortgage repayments were £ 1.4 billion ($ 1.9 billion) in July, for only the second time in decade that repayments have exceeded borrowing.

A Reuters poll of economists in July indicated a net increase in mortgage lending of £ 3.1 billion.

($ 1 = 0.7260 pounds)

Reporting by William Schomberg, editing by Andy Bruce