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UK mortgage approvals were higher than expected in May, numbers from the Bank of England showed on Monday.
Net mortgage approvals for house purchases rose by 3.9% to 63,032 in May from 60,656 in April, data from the central bank showed. In April, the figure had fallen 5.3% from 64,057 in March.
The latest reading topped the FXStreet-cited consensus, which had anticipated a fall to 59,750.
Approvals for remortgaging rose 18% to 41,521 in May from 35,282 in April, following a 4.7% rise the prior month from 33,70 in March.
Net borrowing of mortgage debt by individuals was up by £2.8 billion in May to £2.1 billion, said the BoE, following a £13.8 billion decrease the prior month to minus £800 million.
The ’effective’ interest rate, the actual interest paid on newly drawn mortgages, edged lower to 4.47% in May from 4.49% in April. By contrast, the rate on the outstanding stock of mortgages increased to 3.87% from 3.86%.
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