The number of new mortgages approved has dropped for the fourth month in a row, to a low not seen since the early days of the pandemic.
in an effort to slow the economy to reduce inflation - have made the cost of mortgage payments more expensive, putting off would-be buyers.
While the Bank set the interest rate to 3.5%, the latest figures found that the effective interest rate - the actual interest rate paid - on new mortgages increased by 32 percentage points, to 3.67% last month.The International Monetary Fund forecast says that this year the UK economy will fare worse than any other country in the developed world - including Russia.At the same time, mortgage debt has reduced.
The signs show this figure will continue to decrease while mortgage approvals, which indicate future borrowing, were down.on households could be seen as people also continued to borrow more than they're repaying on credit cards. An additional £500m in net consumer credit - the amount borrowed minus the amount repaid - was borrowed in December. The annual growth rate of credit card borrowing rose to 12.4% in December from 12.2% in November.
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