UK mortgage approvals up 6 pct in September

LONDON (AP) - Mortgage approvals in the U.K. rose 6 percent in September as the country's battered housing market improved, but cautious consumers paid off debt faster than they borrowed, the Bank of England said Thursday.

Total net lending to individuals secured on dwellings rose by 900 million pounds ($1.5 billion) rose by 700 million pounds in September, down from 1.3 billion pounds in August.

The 56,215 secured loans approved for house purchases in September was above the six-month average, and compared to 52,970 in August.

Credit card borrowing rose by 100 million pounds in September but other unsecured borrowing fell by 300 million pounds, the bank said.

Consumer borrowing in September was 0.5 percent above the year-ago level.

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On the Net: http://www.bankofengland.co.uk/statistics/li/2009/sep/index.htm