House-purchase mortgage approvals fell to 53,400 in September 2026, from 54,800 in August, according to the Bank of England’s Money and Credit release published on 29 October. The September figure was also below the preceding six-month average of about 58,800.
Remortgaging moved in the other direction. Approvals rose to 42,600 from 34,000. The Bank explains that this measure covers switches to a different lender: it does not count every borrower who chooses a new deal with their existing provider.
Read approvals and lending separately
An approval is an indicator of prospective borrowing, rather than a completed property transaction. Net mortgage borrowing, a different measure, decreased to £3.9 billion from £4.2 billion. These figures describe different stages of the mortgage process and should not be treated as interchangeable counts of home sales.
The distinction matters when judging a local market. A national approvals total cannot tell a seller how many qualified buyers will view a particular home. Nor can one month’s movement establish what an individual lender will offer a borrower. The release provides useful background; the property, application and chain still need their own assessment.
A practical checklist for buyers
Before setting a search budget, separate the deposit from the money needed for purchase costs, moving and an initial contingency. Compare an illustrative repayment with the actual payment in a written mortgage offer. If circumstances change during a purchase, discuss the implications with the lender or an appropriately qualified mortgage adviser rather than assuming an earlier indication remains valid.
For an existing borrower, record the end date of the current deal and allow time to compare options. Ask how fees, the remaining term and any early-repayment charge affect the overall comparison. A smaller monthly payment obtained through a longer term is a different proposition from a cheaper loan over the same period.
For estate agents, the useful conversation is about the buyer’s current position: funding, sale dependency, timescale and outstanding conditions. The headline statistics help frame that conversation, but they do not replace it.
Source: Bank of England, Money and Credit, September 2026, published 29 October 2026. Figures describe that reporting period, not live mortgage offers.