Mortgage deals drop to a record low
A recent survey has shown that approved mortgage deals have dropped to a record low.
The British Bankers' Association (BBA) stated that its members had completed 42,088 mortgages for purchases over January, a 37.8 per cent decrease from the previous figure, December 2007, 53,781, and down from the 43,944 mortgages approved in November.
Lenders have been finding it difficult to keep the mortgage market increasing since the last interest rate increase. Today's figures indicate that towards the final quarter of 2008, there are chances of furthermore drops to take place.
Approvals for remortgaging showed a positive 11 per cent increase as many borrowers came to an end via short-term mortgage deals and this sector of the market accounted for 44 per cent of all new mortgages.
Mortgage lending increased to £4.7bn during this term and the gross value of mortgages advanced to borrowers decreased which dropped £1.4bn to £15.1bn
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