UK mortgage approvals slumped in September amid mounting signs of stress in the property market, according to official figures before the Bank of England’s next decision on interest rates on Thursday. Figures from the central bank showed net borrowing of mortgage debt decreased from £1.1bn in August to a net repayment of £900m in September – the lowest since April this year. Reflecting the impact of the sharpest rise in borrowing costs in decades, net remortgaging approvals collapsed to 20,600 – the lowest level since January 1999 – as more people stayed with their existing lender, or paid off their debts where they were able to do so. Experts give their opinions:
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Link to Original Article: Guardian - UK September Mortgage Approvals Down
