UK mortgage approvals slump before interest rates decision

Remortgaging at lowest level since January 1999 as borrowers face higher repayments

UK mortgage approvals slumped in September amid mounting signs of stress in the property market, according to official figures before the Bank of England's next decision on interest rates on Thursday.

Figures from the central bank showed net borrowing of mortgage debt decreased from 1.1bn in August to a net repayment of 900m in September - the lowest since April this year.