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UK gross mortgage borrowing totalled £12.6bn

Staff Writer | January 26, 2017
UK banks increased lending levels in December, though demand is expected to soften in 2017 as consumers and businesses anticipate higher interest rates.
UK banks lending
Banking   Up 3.6% from the same month last year
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.