UK banks approve fewest mortgages since May - BBA
LONDON (Reuters) - British banks approved the fewest mortgages last month since May, while net credit card lending fell to its lowest since September 2014, seasonally adjusted data from the British Bankers' Association showed on Monday.
Mortgage approvals for house purchase fell to 44,489 in September from 46,567 in August, but were 14 percent up from the same time a year ago, the BBA said.
"Borrowing figures in the mortgage market remain strong as customers take advantage of record low interest rates. In particular, remortgaging remains high as savvy customers secure attractive deals ahead of a possible rate rise," BBA chief economist Richard Woolhouse said.
The BBA figures also showed banks' net credit card lending and lending for personal loans and overdrafts both fell from the previous month.
The BBA data are generally a good guide to trends in more comprehensive Bank of England lending data due a few days later, but do not include lending by mutually owned building societies, which accounts for almost a third of mortgages.
British house prices have started to rise more strongly in recent months, after slowing towards the end of 2014, as the supply of new housing remains limited.
(Reporting by David Milliken)
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