Mortgage debt hits 1 trillion mark

Mortgage debt has surpassed the 1 trillion mark, reveal figures from the Bank of England.

In May loans secured on properties increased by 9.3bn, meaning outstanding mortgage debt is now 1.007 trillion.

Consumer credit also increased in May by 1.2bn, bringing the amount Britons owe on credit cards or loans to 192bn.

In total, personal debt now stand at 1.199 trillion.