I ve got a large one says Bank of England Chairman

Mortgage debt exceeded a trillion pounds for the first time in May, the Bank of England said on Thursday, underlining the economy's vulnerability to any downturn in the housing market.
Outstanding mortgage debt hit a seasonally adjusted 1,006,796 million pounds in May as net lending surged by 9.304 billion pounds, the biggest monthly gain for 2-1/2 years.

Analysts had expected an increase of 9.0 billion pounds for net lending in May from a revised 8.552 billion pounds in April and say the housing market will remain robust for now but problems could occur if interest rates rise much further.
The number of mortgage approvals rebounded to 117,000 in May from 106,000 in April, suggesting that housing market activity will stay strong in coming months.
"Certainly, there are no signs of a slowdown coming through in the housing market and it looks as though activity will remain strong over the summer," said David Page, economist at Investec.
House price data also out on Thursday showed a 0.3 percent rise in June taking the annual rate of increase to 5.0 percent, its highest in three months, according to the Nationwide Building Society.
The Bank of England looks set to keep British rates on hold at 4.5 percent at next week's meeting and following comments from policymakers on Thursday analysts say the authorities seem content to wait and see what happens before deciding on their next move.
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