Approved Mortgages Increased
From recent research
it shows a two per cent increase in the number of approved mortgages since 2006, the British Bankers’ Association
During May 2007 nearly 205,000 mortgages were approved with a
gross lending point of £19.7 billion, comparing this
with last years figures an eight per cent increase.
CML, the Council of Mortgage Lenders stated that mortgage growth
has started to slam its brakes, ‘however the mortgage demand
remains high’ said BBA.
Director at BBA, David Dooks said: "Contrary to the recent stable
trend, the bands' gross and net mortgage lending strengthened
in May, reflecting an improved competitive position.
"Because of strong approvals in May, the banks' higher market
share is likely to continue over the next couple of months."
Oliver Gilmartin said looking at recent data, there is a further
interest rate increase to come during July period, causing a
big effect on the market.
Mr Gilmartin said, "Many indicators point to a slowing housing
market in recent months with house price inflation expected to
slow sharply into the Christmas period,"
Even due to a slow down in the housing industry, BBA feel banks
are still coming across high demand of homeowners remortgaging.
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