BoE: Purchase approvals slide in September
Overall mortgage approvals fell by 1.1% in September, although remortgage approvals inched up by 0.6% from August.
Richard Woolhouse, BBA chief executive, said: “The drop in mortgage approvals suggests that the pace of growth in the housing market is softening.
“However, overall mortgage lending continues to increase rapidly. This is being driven by remortgaging as savvy customers secure attractive deals ahead of a possible rate rise.
“Consumer confidence also remains buoyant as demonstrated by the surge in credit growth.”
On Monday BBA calculated that September saw a 24% increase in mortgage approvals year-on-year.