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Financial News: UK Mortgage Approvals At 9-Month High

UK Mortgage Approvals At 9-Month High

07/25/2018 - 05:25:00 (RTTNews)

(RTTNews) - UK mortgage approvals increased to a 9-month high in June, data from UK Finance showed Wednesday.

The number of mortgages approved for house purchases rose to 40,541 in June from 39,528 in May. This was the highest since September 2017.

Gross mortgage lending grew 2.1 percent on year to GBP 23.5 billion in June. Credit card spending was 4.7 percent higher than a year earlier. Meanwhile, outstanding overdraft borrowing dropped 5.8 percent.

"Card spending saw relatively strong growth year on year, with retail sales buoyed by the sunshine and recent sporting events," Eric Leenders, Managing Director, Personal Finance at UK Finance said.

"Meanwhile growth in mortgage lending continues to be driven by remortgaging, as borrowers take advantage of attractive deals ahead of an anticipated Bank rate rise," Leenders added.

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