Individuals borrowed, on net, £1.5 billion of mortgage debt in February, compared to £1.1 billion of net repayments in January. Net mortgage approvals for house purchases rose from 56,100 in January, to 60,400 in February. Net approvals for remortgaging also increased, from 30,900 to 37,700 during this period. The ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages fell by 29 basis points, to 4.90% in February. Net consumer credit borrowing decreased to £1.4 billion in February, from £1.8 billion in January. UK non-financial businesses (PNFCs and public corporations) repaid, on net, £3.3 ... (full story)