Debts being repaid

£600m of debt repaid in October, while mortgage borrowing hits 13 year highBank of England data on lending shows that households repaid £600m of debt in October, the same as in September. This means the total repaid since the end of March now stands at £15.6bn. Credit card debt has fallen by 13% over the past year, with consumers having reined in borrowing amid ongoing uncertainty around the impact of COVID-19. The Bank of England figures also show that 97,500 home loans were approved by lenders in October, meaning mortgage approvals are now at the highest level since 2007. The Bank said approvals for home loans were more than 5,000 higher than in September and a third higher than in February, the month before the UK entered its initial coronavirus lockdown. October’s total marks a steep increase on the low of 9,400 recorded in May. Mortgage borrowing hit £4.3bn last month.