Mortgage approvals fall by 8%

27 November 2008

New figures from the British Bankers’ Association (BBA) showed that the number of mortgage approvals fell in October.

21,584 mortgages were approved for house purchase in October – around 8% lower than in September, and 52% lower than the number of mortgages approved a year earlier.

The number of homeowners agreeing a remortgage, meanwhile, had risen compared with September, and while the annual value of the average remortgage had risen by 9.1%, the annual volume of offers had still fallen by 6.4%.

A mortgage expert for Think Money commented: “It’s no surprise that mortgage lending has slowed in the past year, but the monthly rise in remortgage offers could be seen as encouraging, given the recent worries about the availability of mortgages.

“The annual fall in the number of mortgage offers highlights the need for professional mortgage advice – speaking to someone who knows the market well could greatly increase a homebuyer’s chances of finding the best deal.”

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Think Money work with a panel of lenders to offer a range of mortgages. If you are considering taking out a mortgage, contact one of our expert mortgage advisers today.

Tags: mortgage approvals, approvals, mortgage, mortgages, british bankers association, bank, bankers, house, house purchase

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