January 2017 high street lending data
The BBA’s latest high street banking data shows that consumer borrowing through overdrafts, loans and credit cards grew at an annual rate of 6.7%.
• Gross mortgage borrowing totalled £13.8bn in January, 6.3% higher than the same period last year.
• Re-mortgaging approvals in January were 15.7% higher than January 2016, driven by historically low interest rates.
• Net mortgage borrowing was 2.4% last month, higher than in January 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.”