Net borrowing of mortgage debt by UK individuals rose to a five‑month high of £4.84 billion in February 2026, up from £4.2 billion in January. This exceeded both the previous six‑month average of £4.5 billion and market expectations of £4.1 billion. The annual growth rate of net mortgage lending edged up to 3.4% in February from 3.3% in January.
Secured gross lending also increased slightly, reaching £23.9 billion in February compared with £23.6 billion in January, and came in just above the six‑month average of £23.7 billion. Repayments declined to £18.4 billion in February from £18.8 billion in January, below the six‑month average of £19.9 billion.
The ‘effective’ interest rate on newly drawn mortgages edged up to 4.10% in February from 4.09% in January. The rate on the outstanding stock of mortgages rose to 3.95% in February, from 3.90% in January.
