UK Mortgage Lending Falls to 6-Month Low

Net borrowing of mortgage debt by UK individuals decreased to £4.4 billion in April 2026, the lowest in six months, from £6.8 billion in March and below the previous 6-month average of £5.1 billion. The annual growth rate for net mortgage lending increased slightly to 3.3% in April, from 3.0% in March. Secured gross lending decreased slightly to £27.5 billion in April, from £28.7 billion in March, still slightly above the 6-month average of £24.8 billion. Repayments increased in April to £22.7 billion, from £19.8 billion in March, above the 6-month average of £19.7 billion. The ‘effective’ interest rate on newly drawn mortgages increased, to 4.08% in April, from 4.03% in March. The rate on the outstanding stock of mortgages was 3.92% in April, down from 3.93% in March.

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