Financial News: UK Mortgage Approvals Rise In June Despite Higher

UK Mortgage Approvals Rise In June Despite Higher Rates

07/29/2026 - 07:43:00 (RTTNews)

(RTTNews) - UK mortgage approvals increased in June despite rising borrowing costs, data published by the Bank of England revealed Wednesday. Mortgage approvals for house purchases, an indicator of future borrowing, increased to 58,200 in June from 56,600 in May.

Similarly, approvals for remortgaging increased in June, to 34,200 from 33,800 in the previous month.

The 'effective' interest rate, which is the actual interest paid on newly drawn mortgages increased to 4.35 percent in June from 4.22 percent in the previous month.

Consumer credit rose slightly to GBP 1.8 billion in June from GBP 1.7 billion in May. Within this, net borrowing through credit cards rose to GBP 0.9 billion, while borrowing through other forms of consumer credit fell to GBP 0.9 billion.

Annual growth in consumer credit rose to 9.1 percent from 9.0 percent in the previous month.

Further, data showed that businesses borrowed GBP 1.5 billion in June compared to GBP 1.1 billion borrowing in May.

Large non-financial businesses borrowed GBP 0.9 billion, while small and medium-sized businesses borrowed net GBP 0.6 billion in June. The BoE is set to announce its next monetary policy decision on July 30. Markets widely anticipate the BoE to keep the rates on hold at 3.75 percent, which is the lowest since June 2023. The bank had lowered the rate by a quarter-point each in August and November last year.

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