Net mortgage borrowing by UK individuals eased to £4.08 billion in January 2026, down from a revised £4.49 billion and below the previous six-month average of £4.5 billion. The annual growth rate of net mortgage lending also moderated, slipping to 3.3% in January from 3.4% in December.
Secured gross lending edged up to £23.4 billion in January from £23.0 billion in December, though it remained slightly below the six-month average of £23.8 billion. Repayments rose to £19.1 billion in January from £18.8 billion, but were still under the six-month average of £20.0 billion.
The effective interest rate on newly drawn mortgages fell to 4.09% from 4.15%, while the rate on the outstanding stock of mortgages eased marginally to 3.90% from 3.92%.
