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Mortgage approvals unexpectedly rise in March
By Michele Maatouk
Date: Friday 01 May 2026
(Sharecast News) - Mortgage approvals unexpectedly rose in March, according to data released on Friday by the Bank of England.
The latest Money and Credit report showed that mortgage approvals rose to 63,500 from 62,700 in February, beating expectations for a decline to 60,000. It was also above the six-month average of 63,200.
Net borrowing of mortgage debt increased to £6.2bn in March from £5.2bn the month before, while the effective interest rate - the actual interest paid - on newly-drawn mortgages dipped to 4.03% from 4.10%.
The report also showed that net borrowing of consumer credit nudged down to £1.9bn in March from £2bn in February, with borrowing through credit cards unchanged on the month at £0.7bn. Borrowing through other forms of consumer credit , such as car dealership finance and personal loans, was £1.2bn in March, down from £1.3bn the month before.
Households' deposits with banks and building societies rose by £5.5bn in March, following net deposits of £6.2bn in February. The BoE said this was driven by households depositing an additional £4.4bn into ISAs and £3bn into interest-bearing sight deposit accounts.
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