Net borrowing of mortgage debt by UK individuals increased to a five-month high of GBP 4.84 billion in February 2026 from GBP 4.2 billion in January, above the previous 6-month average of GBP 4.5 billion and higher than market expectations of GBP 4.1 billion. The annual growth rate for net mortgage lending increased slightly to 3.4% in February, from 3.3% in January. Secured gross lending increased slightly to GBP 23.9 billion in February, up from GBP 23.6 billion in January, slightly above the 6-month average of GBP 23.7 billion. Repayments decreased in February, to GBP 18.4 billion from GBP 18.8 billion, below the 6-month average of GBP 19.9 billion. The ‘effective’ interest rate on newly drawn mortgages slightly increased, to 4.10% in February, from 4.09% in January. The rate on the outstanding stock of mortgages was 3.95% in February, up from 3.90% in January.