Biggest surge in UK mortgage for six years

British mortgage approvals surged by the most in six years in April and lending to individuals also rose sharply, underlining the clout of the country’s consumers, but also its reliance on them to drive the economy.

Biggest surge in UK mortgage for six years

Yesterday’s data from the Bank of England supported expectations that the pace of the broader economic recovery in Britain will pick up again by mid-year after slowing at the start of 2015, giving a nudge to a long-running debate about when interest rates might rise.

Mortgage approvals for house purchases hit their highest level in 14 months, reaching 68,076 from 61,945 in March.

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