UK Banks Approve Fewest Mortgages Since May – BBA

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 Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam