Net mortgage approvals for UK house purchases—an indicator of future borrowing—rose to 62,600 in February 2026, up from 60,200 in January and surpassing market expectations of 61,300. Approvals for remortgaging, which cover only cases where borrowers switch to a different lender, also increased, reaching 41,200 in February compared with 38,500 in January.
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 also rose, to 3.95% in February from 3.90% in the previous month.
