Nevertheless, some borrowers may have been put off by the increase in standard variable rate mortgages in December, following the Bank of England's decision to raise base rates to 0.5% in November. In December 2017, UK banks approved 36,115 mortgages, equating to £7.02bn ($9.92bn) in lending, the lowest figures for five years, according to industry analysts. The number of mortgages issued by lenders fell from a peak of 650,000 in January 2017 and was down more than half on an annual basis since then.
In December 2017, UK banks approved 36,115 mortgages, equating to £7.02bn ($9.92bn) in lending, the lowest figures for five years, according to industry analysts. The number of mortgages issued by lenders fell from a peak of 650,000 in January 2017 and was down more than half on an annual basis since then.