The figures are out from mortgage and consumer lenders in respect of the Easter period this year. According to the figures, mortgage lending increased over the period by £4.2bn and consumer spending increased by £1bn.
Year on year, the figures show a 31% increase in mortgages being approved by lenders. It would appear that in the current rates of low interest rates and low inflation, consumers are happy to borrow more for their mortgages and keep bigger balances on their credit cards. It all leads to cheaper and more affordable borrowing. But, a word of warning, make sure the repayments will be affordable if interest rates rise.