Mortgage Approvals Rebound in September
The annual growth rate for net mortgage lending increased to 3.2% in September, the highest since January 2023, according to the Bank of England's latest Money and Credit statistics.
- Net residential mortgage borrowing rose by £1.2 billion to £5.5 billion in September, the highest since March 2025.
- Gross lending totalled £24.9 billion in September, up from £23.0 billion in the previous month.
- Gross repayments rose slightly to £20.3 billion from £20.0 billion.
Net mortgage approvals for house purchase increased by 1,000, to 65,900 in September, while approvals for remortgaging with a different lender decreased by 600, to 37,200.
The average interest rate paid on newly drawn mortgages decreased by 7 basis points to 4.19% in September, the lowest since January 2023.
Author's summary: Mortgage approvals rebound in September with borrowing at a six-month high.
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