Re-mortgage approvals at highest levels since 2008

Posted on Monday, January 8, 2018

New data and analysis conducted by the Bank of England has revealed that the rise in November's mortgage approvals was driven by a continuing increase in re-mortgaging approvals. According to the report, re-mortgages have now reached a level not seen since 2008.

The bank found that re-mortgaging approvals totalled 53,922 -  increase from the 51,593 recorded in October.

The data shows that secured net lending remained stable in November at £3.5bn, broadly in line with the average seen since 2016.

The annual growth rate of consumer credit slowed to 9.1% in November to the lowest rate since December 2015.

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