UK Mortgage Activity Slumps to Lowest Levels in Decades as Interest Rates Rise
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UK mortgage approvals slumped in September to the lowest level since April as interest rates rose.
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Net mortgage borrowing turned negative as people repaid debts or stayed with existing lenders.
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Remortgaging approvals collapsed to the lowest since 1999 as homeowners were unable to switch deals.
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Economists warn previous rate hikes have yet to fully impact borrowers on cheaper deals expiring.
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House prices are falling at the fastest rate since 2009 across the country amid recession fears.