UK Mortgage Approvals Rise to 58,200 as June Borrowing More Than Doubles to £7.7 Billion
Updated
Updated · Mortgage Professional · Jul 29
UK Mortgage Approvals Rise to 58,200 as June Borrowing More Than Doubles to £7.7 Billion
3 articles · Updated · Mortgage Professional · Jul 29
Summary
58,200 net mortgage approvals for house purchases were recorded in June, up from 56,600 in May, while remortgaging approvals also edged higher to 34,200.
£7.7 billion in net mortgage borrowing more than doubled from £3.3 billion in May, helped by lower repayments and secured gross lending of £27.4 billion.
4.35% was the effective rate on newly drawn mortgages in June, up from 4.22%, showing buyer activity strengthened even as borrowing costs rose.
Bank of England data and industry groups said relative economic stability lifted confidence, but inflation above target, higher household bills and Middle East tensions still threaten affordability.