Mortgage Approvals See a Slight Decline

The Bank of England's latest report reveals a subtle yet notable decrease in mortgage approvals for house purchases in the UK, dropping to 65,500 in February from 66,100 in January.

Remortgaging and Consumer Credit Trends

Approvals for remortgaging also experienced a downturn, with figures falling to 32,000 in February from 32,800 the previous month. Meanwhile, consumer credit stood at £1.4 billion, a decrease from January's £1.7 billion, maintaining an annual growth rate of 6.4%.

Interest Rates and Borrowing Behaviors

The effective rate on new personal loans saw a 12 basis points increase to 8.91%, as individuals borrowed £3.3 billion in mortgage debt, signaling shifting dynamics in personal finance and housing market accessibility.