Sharp fall in UK mortgage approvals

Mortgage approvals in the UK plunged by nearly a fifth in September, a survey said today, amid warnings that a multibillion-pound lending scheme will take time to have an impact.

The total number of UK house purchase loans approved in September was 44,400, down 18% from 53,900 in the previous month and down 9% on the same month last year, the Council of Mortgage Lenders (CML) said.