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UK mortgage loans hold up, unsecured loans dip

Thur, Dec 24, 2009

The British Bankers' Association said Wednesday that U.K. mortgage lending continued to hold up in November, while unsecured loans to consumers dropped further and personal deposits increased by less than in recent months.

The BBA said the seasonally adjusted November net change in mortgage lending was an increase of 3.3 billion pounds ($5.3 billion), compared to a 3.2 billion pound increase in the previous month. Consumer credit declined a net 0.3 billion pounds, a slight acceleration from the 0.2 billion pound drop in the previous month. "Household priorities are showing up in the November figures.

Demand for new personal loans was weak and people are paying off debt or building savings in response to economic circumstances," said BBA statistics director.

Source: Marketwatch.com