Elsewhere, the Bank of England figures showed approvals for remortgaging also decreased slightly in September, to 49,100 from 49,500 in August but were higher than the past six-month average of 47,100.
The ‘effective’ interest rate – the actual interest rate paid – on newly drawn mortgages increased by 29 basis points to 2.84 per cent, the largest monthly increase since December 2021 when the base rate began to rise.
Article continues after advert
The rate on the outstanding stock of mortgages increased by 7 basis points, to 2.24 per cent.
The Bank of England’s monetary policy committee is due to meet on Thursday of this week, November 3, and is expected to further increase the base rate.
jane.matthews@ft.com
Page 2 of 2
