UK mortgage approvals rebound, credit card annual rate 12.5%

The Bank of England reported net mortgage borrowing of £7.7 billion in June, up from £3.3 billion in May. Net mortgage approvals rose to 58,200, below the six-month average of around 61,400. Approvals for remortgaging increased to 34,200 from 33,800.

Consumer credit borrowing rose to £1.8 billion, holding in line with the six-month average. Credit card borrowing accounted for £0.9 billion, and other forms of consumer credit also totaled £0.9 billion. The annual growth rate for all consumer credit edged up to 9.1% from 9.0% in May. The annual rate for credit card borrowing accelerated to 12.5%, up from 12.0% in May.