Individuals repaid, on net, £0.8 billion of mortgage debt in December compared to net zero in November. Net mortgage approvals for house purchases rose from 49,300 in November to 50,500 in December. Net approvals for remortgaging increased from 25,700 in November to 30,800 in December. The ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages fell by 6 basis points to 5.28% in December. The first drop since November 2021. Net borrowing of consumer credit by individuals fell to £1.2 billion in December, from £2.1 billion in November. Households deposited, on net, £5.4 billion with banks and ... (full story)