Net mortgage approvals for house purchases rose from 56,100 in January, to 60,400 in February,

according to the latest data from the Bank of England.

Net approvals for remortgaging also increased, from 30,900 to 37,700 during this period

and the ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages fell by

29 basis points, to 4.90% in February.