Mortgage borrowing remains bouyant in February
BBA figures for the High Street Banks February 2016released today.
Gross mortgage borrowing of £13.2 billion in February was lower than in January but 33% higher than a year ago and the second highest increase since mid-2008.
The number of mortgage approvals in February was 26% higher than a year ago, with remortgaging up 31% and house purchase up 20%.
Unsecured borrowing by households is growing at around 6% per annum reflecting low interest rates and relatively strong household finances.
Richard Woolhouse, Chief Economist at the BBA, said: “Mortgage borrowing remained buoyant in February. It appears that borrowers are continuing to try to get ahead of the increases in stamp duty for buy-to-let and second home buyers scheduled to come into effect next month.
“Consumer confidence is also robust. Households are increasingly taking advantage of low interest rates by taking on more unsecured borrowing.”
The BBA is the leading trade association for the UK banking sector with 200 member banks headquartered in over 50 countries with operations in 180 jurisdictions worldwide.
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