India, July 29 -- UK mortgage approvals increased in June despite rising borrowing costs, data published by the Bank of England revealed Wednesday. Mortgage approvals for house purchases, an indicator of future borrowing, increased to 58,200 in June from 56,600 in May.
Similarly, approvals for remortgaging increased in June, to 34,200 from 33,800 in the previous month.
The 'effective' interest rate, which is the actual interest paid on newly drawn mortgages increased to 4.35 percent in June from 4.22 percent in the previous month.
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