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UK Banks Approve Fewest Mortgages Since May – BBA

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British banks approved the fewest mortgages last month since May, while net credit card lending fell to its lowest since September 2014, seasonally adjusted data from the British Bankers’ Association showed on Monday.

Mortgage approvals for house purchase fell to 44,489 in September from 46,567 in August, but were 14 percent up from the same time a year ago, 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,” BBA chief economist Richard Woolhouse said.

The BBA figures also showed banks’ net credit card lending and lending for personal loans and overdrafts both fell from the previous month.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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