U.K. Mortgage Approvals Exceed Forecast

(RTTNews) - U.K. mortgage approvals increased significantly in November as housing schemes boosted demand from first-time buyers, data from British Bankers' Association revealed Tuesday.

Mortgages approved in November for house purchases increased to 45,044 from 43,315 in October. It also exceeded the expected level of 44,400.

Gross mortgage borrowing of GBP 10.3 billion in November was higher than October and 37 percent higher than in November a year earlier.

For some time, higher capital repayment led to net monthly contractions in borrowing. However, the overall mortgage stock did rise in November, it said.