Bank of England shows mortgage lending increased in February

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Bank of England shows mortgage lending increased in February

Lending for fixed rate mortgages and other deals increased last month, new figures from the Bank of England have shown.

According to the latest monthly figures for February 2011, the number of approvals rose to 46,967, up by 1.2 per cent on the previous six-month average.

This amounted to an extra £1.2 billion in mortgage finance to buy properties, while remortgage deals also edged up to almost 36,000.

HML chief commercial and finance officer Neil Warman said he was pleased to see more money being lent for mortgages.

"Perhaps it is the first sign that some confidence is returning to the housing market in advance of the usual spring bounce in house prices," he added.

What Mortgage representative Ben Wilkie recently said that more would-be homeowners are now looking at fixed rate mortgages, in a bid to beat any future increases in the Bank of England base rate from its current low of 0.5 per cent.

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