Approvals for house purchase were 1.2% lower, remortgage approvals were 20.3% lower and approvals for other secured borrowing were 12.2% lower.
The number of mortgages approved by the main high street banks in November was 10.6% lower than November 2017, UK Finance’s Household Finance Update has found.
Approvals for house purchase were 1.2% lower, remortgage approvals were 20.3% lower and approvals for other secured borrowing were 12.2% lower.
Furthermore gross mortgage lending across the residential market in November was £23.1bn, 2% less year-on-year.
Eric Leenders, managing director, personal finance at UK Finance, said: “Overall mortgage borrowing across the residential property market remains stable and the trend in households' cash savings remains steady.”
