UK Mortgage Approvals Rise to 15-Month High

Net mortgage approvals for house purchases in the UK increased to 65,900 in April 2026 from 64,000 in March, above market expectations of 61,700 and marking the highest level since January 2025. Approvals for remortgaging, which only capture remortgaging with a different lender, were broadly unchanged when compared to March. The ‘effective’ interest rate on newly drawn mortgages increased to 4.08% in April from 4.03% in the previous month. The rate on the outstanding stock of mortgages was 3.92% in April, down from 3.93% in March.

Net mortgage approvals for house purchases in the UK rose to 63,531 in March 2026, up from a revised 62,708 in February and surpassing market expectations of 60,000. This marked the highest level since November 2025, exceeding the six-month average of around 63,200, supported by declining borrowing costs. Remortgaging approvals, which only account for switches to a different lender, also climbed to 51,300 in March from 41,200 in February. The effective interest rate on newly drawn mortgages fell to 4.03% in March from 4.10% in February, while the rate on the outstanding stock of mortgages edged down to 3.93% from 3.95%.

Net mortgage approvals for house purchases in the UK, which is an indicator of future borrowing, increased to 62,600 in February 2026 from 60,200 in January, above market expectations of 61,300. Approvals for remortgaging, which only capture remortgaging with a different lender, also increased to 41,200 in February, from 38,500 in January. The ‘effective’ interest rate on newly drawn mortgages slightly increased, to 4.10% in February, from 4.09% in January. The rate on the outstanding stock of mortgages was 3.95% in February, up from 3.90% in January.