Mortgage approvals slump to 20-month low

The number of mortgages approved bymajor UK banks fell to a 20-month low in November, figures have shown.

Only 29,991 of these home loans were approved during the month, the British Bankers' Association (BBA) said.

Meanwhile consumers' debt repayments on credit cards and overdrafts continued to outstrip new borrowing.

The BBA figures show that net lending by the major banks, which takes out redemptions and repayments, stood at £1.46bn in November.