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UK mortgage approvals at 15-month low

Staff Writer |
UK mortgage approvals declined to a 15-month low in November, data from UK Finance showed.

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The number of mortgages approved in November fell to 39,507 from 40,417 in October. This was the lowest since August 2016, when approvals totaled 38,308.

Gross mortgage borrowing was GBP 13.9 billion, which was 13% higher than in November 2016.

Annual growth in net mortgage borrowing came in at 2.8%. Credit card borrowing grew 5.3% versus 5% in October.

Meanwhile, personal loans and overdrafts dropped 3.1% following a 2.8% drop in October. At the same time, overall consumer credit growth remained at 0.9%.

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