Overview

• Mortgage approvals for home purchases rose by 2,400 to 63,000 in May, marking the first month-on-month increase since December 2024.
• Remortgaging approvals climbed by 6,200 to 41,500, representing the largest monthly gain since February 2024.
• Net individual mortgage borrowing increased by £2.8 billion to £2.1 billion and annual lending growth edged up from 2.5% to 2.6%.
• New fixed mortgage rates dipped marginally in May even as variable borrowing costs remain elevated for existing customers.
• Consumer credit growth slowed to a 6.5% annual rate and households added £4.3 billion to bank deposits, with £3.9 billion placed into ISAs.