Average mortgage hits £235k

The total value of mortgages lent rocketed last month as buyers face more affordability tests. Some 70,933 mortgages were given the green light in February, compared to 73,841 in January, according to the Bank of England's monthly money and credit figures. However, the total value lent rose from £16.6bn to £16.7bn, meaning the average value of a mortgage loan is 10.4% higher than this time last year. The average mortgage was £235,474 in February, up 4.6% month-on-month. Approvals for remortgaging with a different lender rose to 48,200 in February. This was the highest total for remortgage loans since February 2020 but still below the average seen in the year leading up to the pandemic.

City A.M. Daily Mail London Evening Standard The Guardian The Independent