Lending fell to £12bn in the month, which was still 12% higher than April last year.
Mortgage lending dropped by a fifth in April after the March stampede to get deals done before the stamp duty changes came into force, BBA figures have found.
Lending fell to £12bn in the month, which was still 12% higher than April last year.
Dr Rebecca Harding, chief economic advisor at the BBA, said: “As expected, growth in mortgage lending has fallen back sharply on last month proving that March’s results were just a stamp duty spike. Net mortgage borrowing is nevertheless three per cent higher than a year ago.
“Separately, the fact that personal deposits are growing while ISA deposits continue to under-perform suggests consumers are using easy-access savings while the outlook for the economy remains uncertain. The increase in real wage growth may start to have positive knock-on effects on long-term savings if it is sustained.”
A 3% stamp duty surcharge was introduced on buy-to-let and second homes on 1 April.
