UK Net Mortgage Lending Doubles in June

Net mortgage lending in the UK more than doubled from £3.3 billion in May to £7.7 billion in June, according to data released by the Bank of England.

This figure was also substantially higher than the previous six-month average of £4.9 billion.

Mortgage approvals for house purchases increased to 58,200 in June from 56,600 in May, but this was below the previous six-month average of 61,400.

Approvals for remortgaging rose to 34,200 in June, up from 33,800 in May. However, these figures do not capture product transfers where borrowers take a new deal with their existing lender.