Individuals repaid, on net, £1.1 billion of mortgage debt in January compared to £0.9 billion in December. Net mortgage approvals for house purchases rose from 51,500 in December to 55,200 in January. Net approvals for remortgaging remained stable at 30,900 in January. The ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages fell by 9 basis points, to 5.19% in January. Net borrowing of consumer credit by individuals rose to £1.9 billion in January, from £1.3 billion in December. Households deposited, on net, £6.8 billion with banks and building societies in January. UK non-financial ... (full story)