Net mortgage borrowing by UK individuals rose to GBP 6.15 billion in March 2026, up from a revised GBP 5.22 billion in February and exceeding market expectations of GBP 4.2 billion. This marked the highest level in a year, surpassing the six-month average of GBP 4.9 billion, as borrowing costs continued to decline. The annual growth rate for net mortgage lending eased to 3.0% in March from 3.4% in February. Secured gross lending increased to GBP 28.7 billion, up from GBP 24.0 billion in February and above the six-month average of GBP 23.9 billion. Repayments also rose to GBP 19.7 billion in March from GBP 18.6 billion in February, slightly below the six-month average of GBP 19.8 billion. The effective interest rate on newly drawn mortgages fell to 4.03% in March from 4.10% in February, while the rate on the outstanding stock of mortgages edged down to 3.93% from 3.95%.