Tighter Controls on UK Mortgages Leads to a Slowdown in Approvals

Residential mortgage approvals in the UK rose in December for the first time since June.

Data from the Bank of England shows mortgage approvals for house purchases numbered 60,275 in the final month of 2014, up from 58,956 in November, but overall the number of approvals fell in most months of the year.

Experts point to tighter rules on mortgage lending requiring banks and building societies to make more rigorous checks on whether borrowers can afford their loans as being behind the change.

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