Net mortgage approvals for UK house purchases fell to 56,100 in July 2026 from a revised 58,200 in June, missing market expectations of 59,400. The figure was the lowest since January 2024 and remained below the previous six-month average of around 60,800, pointing to continued pressure from elevated borrowing costs. Approvals for remortgaging with a different lender, meaning switching lenders on an existing mortgage, edged up to 34,500 from 34,100. The effective interest rate on newly drawn mortgages rose to 4.45% from 4.35% in June, while the rate on the outstanding mortgage stock increased slightly to 3.97% from 3.96%.