FXstreet.com (Barcelona) - The total volume of mortgage approvals for home purchases have declined to a record low in May from April as a result of tighter lending criteria and economic pressures on households, according to the latest report by the British bankers Association.

The number of mortgages approved has decreased to 27,968 in May from downwardly revised 34,752. Consumer credit rose, largely reflecting lower credit card repayments; credit card spending rose to 7.5 billion pound in May, from 7.3 billion in April and personal deposit growth weakened.