Mortgage lending has slowed down according to the data released by the Bank of England. Mortgage approvals in June declined to a nine month low and the lowest so far this year. It was the least amount of mortgage approvals since last September.

The volume of approvals fell from May’s level of 65,109 to 64,684.

The Bank of England had expected a rebound in the number of mortgage approvals to a level of 71,000 only three months ago.

The data has been released only days before the gathered monthly meeting of the Monetary Policy Committee (MPC) takes place on Thursday. Experts do not believe the committee will vote to change the current interest rate from 0.25%. However, there is some buzz as to the expectation of tightening by lenders, which could indicate the lowest interest rate deals in mortgages and remortgages might soon be pulled from the market.

Such warnings could push the hopeful home buyers and homeowners interested in remortgages to make a move rather than waiting till the close of summer. Interest rates are still very attractive and lenders are generally in a competitive mode which is pushing them to offer deals not only with attractive interest rates, but nice incentives as well.

Summer is usually a strong season for mortgage lending. While the Bank of England’s data may have some thinking the slowdown in home buying and remortgaging in June could be the start of a trend, consumers have been quick to outperform expectations and could show up in the lending market to close out the summer strong.