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- U.K. mortgage approvals decline unexpectedly in February
U.K. mortgage approvals decline unexpectedly in February
U.K. mortgage approvals for house purchases declined to 30,506 in February from 31,983 in January, the British Bankers' Association reported Monday. It was forecast to rise to 33,500.
Likewise, the number of other secured borrowing fell to 8,914 from 9,429 a month ago. Meanwhile, re-mortgages totaled 15,980, up from 15,184 in the prior month.
The value of mortgages approved for house purchases decreased to GBP 4.7 billion from GBP 4.8 billion in January.
"Low interest rates allow homeowners more scope to increase repayments on their mortgages and reduce the outstanding amount," BBA statistics director, David Dooks said.
"Annual growth in unsecured borrowing on credit cards and personal loans has edged up over recent months, albeit remaining subdued," said Dooks.
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