Gross mortgage borrowing highest since 2008

Mortgage borrowing reached £13.6 billion in January, according to the British Bankers Association (BBA).

Data shows that the amount borrowed in January is 38% higher than a year ago and is the highest since mid-2008.

Mortgage approvals were also up 33% on a year ago, with remortgaging up 42% and house purchases up 27%.

Brian Murphy, head of lending at Mortgage Advice Bureau, said:  “For those who meet lenders’ criteria and are fortunate enough to afford a deposit, there have been few times like the present to borrow.

“Not only are rates extremely low, but consumers can also choose from a huge range of different mortgage products tailored to their individual needs.”

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