Mortgage approvals fall sharply

Banks approved 9% fewer mortgages in November than a year previously, according to new figures. Mortgage approvals were also 4% lower in the first 11 months of the year than in the same period of 2015, according to the British Bankers Association. However, remortgage approvals rose 14% in November from the previous year, and were 13% higher in the 11 months to November. Dr Rebecca Harding, BBA chief economist, said: “The reduction in interest rates in August may have boosted remortgaging approvals, with consumers looking to take advantage of the current economic conditions and lock in lower interest rates.” Gross mortgage borrowing at £12.2bn was down 5% in November from last year, but net mortgage lending was up 2.4%.