Gross mortgage borrowing totalled £13.8 billion in January according to BBA

February 27, 2017

The latest High Street Banking Figures statistical report January 2017 released by the BBA 24th February reveales that gross mortgage borrowing totalled £13.8 billion in January, 6.3% higher than the same period last year, net mortgage borrowing was 2.4% last month, higher than in January 2016. House purchase approval numbers were 2.5% lower than in January 2016 but 2.5% higher than December.

Re-mortgaging approvals in January were 15.7% higher than January 2016, driven by historically low interest rates. remortgaging approvals  in January were 15.7% higher than those in January 2016 but lower than December 2016.

Eric Leenders, BBA Managing Director for Retail Banking said:  “The new year saw homeowners make the most of historically low interest rates by taking advantage of competitive re-mortgage offers. Nearly 29,000 of these deals were approved last month – 16% higher than January last year.”

Read the BBA latest High Street Banking figures statistical report 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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