The number of mortgages approved for home buyers rose slightly in March, the Bank of England has said.
The total increased to 48,901 in March from 46,882 the month before, and the figure was 17% higher than in March 2009.
However, the Bank’s figures still suggest that mortgage lending has had a sluggish start to the year.
Approvals in the first three months were the lowest on record for the first quarter of any year, apart from 2009. » Read more…
Mortgages could become harder to obtain, so it might pay to act now. » Read more…
Mortgage lending has fallen to its fourth lowest level on record amid warnings of a second crash in house prices.
The latest figures from the Bank of England revealed that net lending – which strips out redemptions and repayments – dropped to just £86 million in July, a steep fall from June’s £518 million. » Read more…
UK mortgage lending remains subdued, according to the Council of Mortgage Lenders (CML).
Its comments came as it said the amount lent in new home loans rose by 7% in May from the previous month to £11.3bn.
Although that was up 10% from a year ago, the level of new lending this year has been low by historical standards.
The CML said higher taxes and public spending cuts to be announced in next week’s Budget would probably subdue mortgage lending further.
“The market will inevitably be affected by how policy impacts on the wider economy – particularly on household finances and confidence,” said the CML’s economist Paul Samter.
First-time buyers
In the latest edition of its monthly publication “Trends in Lending”, the Bank of England said that lenders expected mortgage borrowing to remain “broadly flat” in the next few months. » Read more…