Borrowing unaffected by interest rates - BBA

Statistics for gross mortgage lending in January show that borrowing is up on this time last year despite experts predicting the opposite. January’s gross mortgage lending was £16.6bn, 15% more than the £14.5bn in January 2006. In line with seasonal patterns, January was well down on December’s £18.1bn. The BBA also says there was an underlying total of 141,200 mortgage approvals in January. However, due to the one-off removal of around 7,000 long-outstanding approvals, the reported number, which gives a slightly false impression, is lower, at 134,200 with an aggregate value of £13.1bn....