UK mortgage approvals sink to lowest level since January

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UK mortgage approvals fell more than expected in September to the lowest level since January, according to data from the Bank of England, reflecting the impact of high interest rates on lending.

Net mortgage approvals for house purchases fell to 43,300 last month, down from 45,400 in August and the lowest level this year, new data showed on Monday. Economists polled by Reuters had forecast mortgage approvals to be largely unchanged at 45,000.

Net approvals for remortgaging fell to 20,600 in September, the lowest level since January 1999.

The BoE’s next interest rate decision is due on Thursday, with markets expecting the bank to leave rates unchanged at 5.25 per cent.

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