FX.co ★ UK Mortgage Approvals Fall to Lowest Since 2024

Net mortgage approvals for UK house purchases, a key indicator of future borrowing, declined to 56,100 in July 2026 from a revised 58,200 in June, falling short of market expectations of 59,400. This marked the lowest level since January 2024 and remained well below the previous six-month average of about 60,800, underscoring persistent pressure from elevated borrowing costs.

In contrast, approvals for remortgaging with a different lender inched up to 34,500 from 34,100. The effective interest rate on newly drawn mortgages rose to 4.45% in July from 4.35% in June, while the rate on the existing mortgage stock edged higher to 3.97% from 3.96%.