UK mortgage approvals lower than forecast in July - Bank of England

UK mortgage approvals were lower than expected in July, numbers on Tuesday showed.

According to the Bank of England, mortgage approvals fell to 56,100 in July from 58,200 in June, below the FXStreet-cited market consensus of 59,400. July's figure also was below the monthly average of around 60,800 over the previous six months.

Net borrowing of mortgage debt decreased by around 44% to £4.3 billion in July from £7.7 billion in June, falling below the six-month average of £5.3 billion.

The 'effective' interest rate, the actual interest paid on newly drawn mortgages, rose to 4.45% in July, from 4.35% in June, the Bank of England said.

The central bank announces its next interest rate decision on September 17. It is expected to keep bank rate at 3.75%.

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