Mortgage approvals increase in February

The number of mortgage approvals in the UK increased in February, compared to the previous month.

Statistics from the British Bankers'' Association (BBA) have revealed that 43,870 mortgages were approved in February, 138 more than in January.

However mortgage approvals are still down by a third from the same time last year, according to the figures.

BBA statistics director, David Dooks, said: "In an environment of tightening lending criteria, remortgaging - either to fix, refix, or reduce borrowing costs - has been a clear influence on mortgage data in the first two months of this year, resulting in mainstream lenders picking up market share."

The average amount which was loaned during February increased by 5.1 per cent to £158,100, although the total value of the loans was down 30.1 per cent.

BBA is the leading association for the banking and financial sector in the UK. It speaks for 223 banking members.

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