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Money and Credit - November 2023
Mortgage lending to individuals was at net zero in November compared to £0.1 billion of net repayments in October. Net mortgage approvals for house purchases rose from 47,900 in October to 50,100 in November. Net approvals for remortgaging increased from 24,000 in October to 27,000 in November. The ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages saw a 9 basis point increase and now sits at 5.34% in November. Net borrowing of consumer credit by individuals amounted to £2.0 billion in November, up from £1.4 billion in the previous month. As seen over 2023, households continue ... (full story)