The Bank of England's Monetary Policy Committee (MPC) are due to announce their latest decision on the Bank Rate on Thursday. It's not just savers who will be watching to see whether the Base Rate changes or not, but mortgage borrowers too.
Today, the Bank of England (BoE) published the latest figures from its monthly Money and Credit statistics release.
It showed net mortgage borrowing was £11.8billion in March - the strongest since the series began in April 1993.
The central bank said mortgage approvals for house purchase were 82,700 in March.
This is lower than the recent peak of 103,100 in November 2020, but higher than in February 2020 - at 73,000.Insurance Loans Mortgage Attorney Credit Lawyer
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Interest rates are very low at the moment (Image: GETTY)
The figures also show households saved another £16.2billion into bank and building society accounts.
This was at the same time as deposit interest rates remained at historically low levels.
Meanwhile, consumer credit repayments slowed to £0.5billion.
Laith Khalaf, financial analyst at AJ Bell, shared his thoughts on the figures, and what they mean for both borrowers and savers.
"Low interest rates, the stamp duty holiday, and a paradigm shift in homeworking, are collectively proving a heady cocktail for the property market, and consumers are looking to make the most of favourable financial conditions to climb the housing ladder," he said.
"In March, the Chancellor announced the extension of the stamp duty holiday, which will clearly keep the housing market bubbling away for the next few months.
“Mortgage borrowers collectively took on £11.8billion of additional debt in March, the highest figure since Bank of England records began in 1993.
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"Alarm bells should be ringing that the previous peak in borrowing was in October 2006, just before the wheels were about to come