Tue Jan 06 07:10:00 UTC 2026: ### Mortgage Approvals Dip Slightly Amidst Rising Consumer Borrowing in November

The Story:
Mortgage approvals in the UK experienced a marginal decrease in November, while consumer borrowing surged to a two-year high, indicating a reliance on credit for holiday spending. Data from the Bank of England revealed that mortgage approvals for house purchases fell to 64,500, a slight dip of around 500 from October. Conversely, approvals for remortgaging increased, suggesting homeowners sought better deals. A rise in consumer credit, particularly credit card borrowing, points to increased financial strain on households as the year closed.

Key Points:
* Mortgage approvals for house purchases decreased to 64,500 in November.
* Remortgaging approvals rose by 3,200 to 36,600.
* Annual growth in consumer credit increased to 8.1% in November from 7.5% in October.
* Credit card borrowing climbed 12.1%, the highest since January 2024.
* Households deposited £8.1 billion with banks and building societies in November.
* The annual adult cash ISA subscription limit will be reduced to £12,000 from April 2027, while the overall ISA limit will remain at £20,000.

Key Takeaways:

  • Consumer spending is increasingly reliant on credit, indicating potential financial vulnerability for many households.
  • The housing market is showing resilience, despite a slight dip in mortgage approvals.
  • Savers are increasing deposits, even as borrowing rises, which suggests a mixed economic outlook.

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