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Mortgage approvals increase

28/05/2008

The British Bankers’ Association has suggested a slight increase in the number of mortgages for house purchases throughout April, figures estimated a staggering 38,704 increase compared with March’s figure at a rock bottom 35,546.

A recent survey indicated that these figures are below the average, however last month’s acceleration is promising, analysts are not viewing it as an indication of recovery in the housing market, which has been broken down by the tighter lending criteria, introduced by banks which are struggling with the credit crisis.

The number of remortgages increased by 20% in April, compared with April 2007, for those homeowners coming to the end of their fixed-rate mortgage deals and those comparing for the best deals possible.

Mortgage approvals for equity release and other reasons dropped to 26 per cent through April 2007, at 33,720.

Standard & Poor’s, a credit rating agency stated that the proportion of homeowners with good credit ratings which are over 30 days in arrears with mortgage repayments increased to 2.4 per cent from the start of 2008.


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