UK gross mortgage borrowing totalled £12.6bn
The British Bankers' Association revealed that gross mortgage borrowing totalled £12.6bn in December, up 3.6% from the same month last year and 3.3% from November's £12.2bn.
Net mortgage borrowing grew by 2.5% year-on-year, with remortgaging approvals up 30% and at their highest level since October 2008.
consumer credit grew 6.6% despite weak retail sales as growth in personal loans remains supported by low interest rates.
Business borrowing declined £2.8bn to £261.7bn, which the BBA said was mainly due to seasonal reductions in demand from the construction and agriculture sectors. ■