The British Bankers’ Association (BBA) has published its February 2016 figures for the high street banks. The key points include:
- 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.