10% fewer mortgages approved by the high street year-on-year

Michael Lloyd

January 2, 2019

The number of mortgages approved by the main high street banks in November was 10.6% lower than November 2017, UK Finance’s Household Finance Update has found.

Approvals for house purchase were 1.2% lower, remortgage approvals were 20.3% lower and approvals for other secured borrowing were 12.2% lower.

Furthermore gross mortgage lending across the residential market in November was £23.1bn, 2% less year-on-year.

Eric Leenders, managing director, personal finance at UK Finance, said: “Overall mortgage borrowing across the residential property market remains stable and the trend in households’ cash savings remains steady.”

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