Mortgage News
Secured lending hits £1.241trn
Secured lending in the UK increased by £1.2bn in May to £1.241trn, as the 12-month growth rate rose to 1.1%, according to money education charity Credit Action.
Figures from Credit Action revealed that the average household debt in the UK is £57,955, including mortgages, and £8716 excluding mortgages.
When including mortgage debt, the average that is owed by every UK adult is £30,000, 126% of average earnings.
In addition, the average outstanding mortgage debt for the 11.4m households with a mortgage is £108,972.
Credit Action calculated that a property was repossessed every 13.4 minutes in Q1.
In the last 12 months to the end of Q1 2010, UK banks and building societies have had to write off £9.6bn of loans to individuals, with £2.13bn written off in Q1 this year, £1.25bn of which was credit card debt. Credit Action said this amounted to £23.35m a day.
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It said that total UK personal debt now stands at £1.46trn, with the annual growth rate increasing to 0.9%.