Mortgage approvals slump as consumer credit soars

The number of people taking out a mortgage fell to its lowest level in August since January 2015, but consumer credit has soared, according to a report by high street banks. Figures from the British Bankers Association (BBA) showed a total of 36,997 homeowners had their mortgages approved last month, the lowest figure this year, and a drop of 21% on August 2015. "Mortgage borrowing is growing at a slower pace than it has for the last few months, reflecting both the slowdown in housing market gro