Borrowing figures in the mortgage market remain strong as customers take advantage of record low interest rates.

Richard Woolhouse, Chief Economist at the BBA, said:

“Borrowing figures in the mortgage market remain strong as customers take advantage of record low interest rates. In particular, remortgaging remains high as savvy customers secure attractive deals ahead of a possible rate rise.

“Credit card purchases were 6% higher last month than a year ago. Buoyant consumer confidence and rising wages may well be playing a role here.”

Key points:

• The number of mortgage approvals in September was 24% higher than a year ago, with remortgaging up 40% and house purchase up 14%. First-time buyers continue to find good deals available while existing borrowers are switching to lower fixed rates to control their mortgage costs.

• Gross mortgage borrowing in September was £12.1 billion. This was 17% higher than a year ago.

• Bank lending to companies decreased in September and continues to be subdued. Net capital market finance has grown by £16 billion in 2015 so far, with larger companies using it as an alternative to loans and overdrafts.

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