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.”
BBA Mortgage Approvals 4.6% higher than last year
The BBA’s latest high street banking data shows that household borrowing of £13.4 billion in February was 4.6% higher than in the same month last year. The BBA’s latest high street banking data show that consumer credit is growing at an annual rate of 6.6%. 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. Business borrowing continues to be subdued growing by 0.9% annually.
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