Mortgage borrowing increases - Money - Business - Evening Standard
       

Mortgage borrowing increases

Homeowners' mortgage borrowing increased in September while the number of loans approved for house purchase also grew, figures showed today.

Net lending, which strips out redemptions and repayments, reached £922 million, according to the Bank of England, but the figure was weaker than August's revised £1.28 billion.

The number of mortgages approved for house purchase rose to 56,215 from the previous month's figure of 52,970, suggesting the recent improvement in the housing market will continue.

Today's figures show a downward revision of July's data, indicating that homeowners repaid £292 million more than was advanced in the month.

This was the first time lending had been negative since the Bank began collecting data in its current format in 1993.

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