The Bank says total net lending to individuals increased by £400m in April, up from £300m in March, fuelled by an increase in both mortgage lending and credit card lending.
The number of mortgages approved in the UK in April, 49,871, was slightly higher than the March figure of 49,008. Remortgages fell in April to 26,295, down from 27,825 in March.
Phoebus managing director Paul Hunt says: “It’s great to see mortgage lending creeping up, although the figures show the continued sluggish nature of the housing market.
“Competition is heating up, and with the appearance of Aldermore and Precise Mortgages – and the reappearance of Link Loans – there will soon be even more options for borrowers and brokers.”