Individuals repaid, on net, £0.1 billion of mortgage debt in October compared to £1.0 billion of net repayments in September. Net mortgage approvals for house purchases rose from 43,700 in September to 47,400 in October. Net approvals for remortgaging increased from 20,600 in September to 23,700 in October. The ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages saw a 24 basis point increase and now sits at 5.25%. Net borrowing of consumer credit by individuals amounted to £1.3 billion in October, down from £1.4 billion in the previous month. Following withdrawals of roughly £0.8 billion ... (full story)