India, July 29 -- UK mortgage approvals rose to a three-month high in June and consumer credit increased notably, official data revealed on Tuesday.
Approvals for house purchases increased to a three-month high of 64,167 in June from 63,288 in May, the Bank of England reported. Approvals were above economists' forecast of 63,000.
Net borrowing of mortgage debt by individuals increased by GBP 3.1 billion to GBP 5.3 billion in June, compared to a GBP 2.8 billion increase of net borrowing to GBP 2.2 billion in May.
The 'effective' interest rate, which is the actual interest paid on newly drawn mortgages decreased for the fourth consecutive month, to 4.34 percent from 4.47 percent in May.
Approvals for remortgaging also increased 200, to 41...