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-BOE UK June house purchase approvals 65,619 vs 64,684 May
LONDON (MNI) - Average interest rates on mortgages largely moved
higher in June whilst mortgage approvals, a good indicator of future
housing market activity, rose, Bank of England data showed.
The quoted, or shop window, interest rates on higher loan-to-value
mortgages tended to be higher in June than May and the average rate on
the stock of fixed rate mortgages also picked-up. The BOE data showed
mortgage demand holding up but borrowing becoming more expensive.
The average quoted rate on two-year 85% loan-to-value (LTV)
mortgage rose to 2.09% in June from 2.06% in May and on a 90% LTV
mortgage to 2.37% from 2.33%. The BOE has sought to curb higher
loan-to-income (LTI) borrowing, seeking to restrict the proportion of
high LTI mortgages on lenders' books.
In June there were 65,619 mortgage approvals, up from 64,684 in
May. This was above the six month average of 63,858.
Unsecured borrowing dropped marginally to stg1.567 billion from
stg1.575 billion in May.
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