05:17 ET<\/span>
\n<\/span><\/p>\nConsumers took a slightly bolder approach to debt in February with increases in mortgage and unsecured borrowing, figures show.<\/p>\n
There were 46,967 mortgages approved for house purchases during the month, up 815 on January, the Bank of England said.<\/p>\n
Remortgaging rose to a 26-month high as people looked to secure cheap deals.<\/p>\n
Unsecured debt rose by \u00a3768m in February, driven by an increase in personal loans and overdrafts.<\/p>\n
However, the debt increases and mortgage activity remain relatively low compared with before the recession.<\/p>\n
Home loans<\/span><\/p>\nThe number of remortgaging loans approved stood at 35,725 in February, the Bank’s figures show.<\/p>\n
This was up from 33,972 the previous month, slightly up on a previous high in November, and higher than the average of the previous six months of 31,674.<\/p>\n
The figures signal that some homeowners have been signing up to new fixed-rate deals, which are being offered at relatively low interest rates at present.<\/p>\n
This might be because their current deals have come to an end, but many would be considering the potential of interest rate rises later in the year.<\/p>\n
Some commentators have predicted that the Bank of England will increase the Bank rate from its record low of 0.5% in order to control the rising rate of inflation.<\/p>\n
Savings grow<\/span><\/p>\nTotal lending to individuals rose by \u00a32bn in February, which was higher than the average of the previous six months of \u00a31.1bn, the Bank said.<\/p>\n
But in the mutual sector, customers showed some appetite to save following the traditional extra spending at Christmas, according to figures from the Building Societies Association (BSA).<\/p>\n
Savings balances held at mutuals increased by \u00a3359m in February, following a net withdrawal of \u00a3424m in January. <\/p>\n
“Following the usual withdrawal from savings accounts in January as households pay off their Christmas bills, it is pleasing to see a modest increase in savings balances at mutuals in February,” said Adrian Coles, director general of the BSA. <\/p>\n
“With earnings growing at a slower rate than prices, and imminent rises in some tax rates, it is likely to be difficult for households to substantially increase the amount they save over the months ahead.”<\/p>\n<\/p><\/div>\n<\/p>\n
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