Gross mortgage borrowing in February higher than same month last year according to BBA

March 24, 2017

The BBA today released their February 2017 figures for the high street banks.

It states: Gross mortgage borrowing of £13.4 billion in February was 4.6% higher than in the same month last year. After allowing for repayments, February’s net mortgage borrowing was 2.5% higher than in February 2016.

House purchase approval numbers of 42,613 were 4.6% lower than in February 2016, remortgaging approval numbers of 25,414 in February were well down on January’s numbers and a little lower than the 2016 average of 25,987.

Eric Leenders, BBA Managing Director for Retail Banking said: “Elevated approval volumes for house purchases and re-mortgaging experienced during the winter months fell back in February, to average levels seen throughout most of last year. Consumers’ use of credit cards and personal loans reflect last month’s increased spending figures.

“Businesses continue to exercise a cautious approach to borrowing, using cash reserves and alternative lending sources to finance their operations.”

Read the BBA news article 24th March with data in full click here

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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