Mortgage lending hits a historic low

MORTGAGE lending has hit a historic low while credit card lending has slumped to 2006 levels, according to the Central Bank.

Figures released yesterday show mortgage lending fell by €18 million in May compared with April. For the first time since 1990, the amount of repayments on mortgages has exceeded new mortgage loans.

The annual rate of increase in outstanding residential mortgages declined to 2.6% in May, from a revised 3.3% in April – the lowest annual rate of increase on record, according to the Central Bank.