UK Mortgage Approvals Show Slight Decline

In a recent update from the Bank of England, mortgage approvals for house purchases in the United Kingdom experienced a slight decrease, dropping to 65,500 in February from 66,100 in January.

Remortgaging and Consumer Credit Trends

Similarly, approvals for remortgaging saw a reduction, falling to 32,000 in February from 32,800 the previous month. On the consumer credit front, figures stood at £1.4 billion in February, a decrease from January's £1.7 billion, with the annual growth rate holding steady at 6.4%.

Changes in Personal Loans and Mortgage Debt

The report also highlighted a 12 basis points increase in the effective rate on new personal loans to individuals, reaching 8.91%. Additionally, individuals borrowed £3.3 billion in mortgage debt during the same period.