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