FX.co ★ UK Mortgage Approvals Fall More than Expected

In March 2025, the United Kingdom saw a decline in net mortgage approvals for house purchases for the third month in a row, dropping by 800 to a total of 64,300, falling short of market predictions set at 64,800. Conversely, remortgaging approvals, which are specific to those switching lenders, rose by 1,000 to reach 33,400 during March, recovering from a previous decline of 700 in February. The 'effective' interest rate, reflecting the actual cost paid on newly issued mortgages, experienced a slight decrease of 3 basis points, settling at 4.50% in March. Similarly, the interest rate on the existing stock of mortgages was recorded at 3.84% in March, down from 3.87% in the preceding month.