Throughout the month, British banks approved 42,613 mortgages and net mortgage borrowing was 2.5% higher than in February 2016.
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.”