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Tuesday 11th of January 2011

News Tag: house purchase

January 6, 2011

Demand for house purchase mortgages plummets

by Gill Montia
”Demand
Demand for house purchase mortgages fell "markedly" in the three months to December, lenders have reported, with the trend expected to continue over the current quarter. According to the Bank of England's latest Credit Conditions Survey, the decline reflected "a recent fall in house prices, a general weakening of sentiment towards the housing market and uncertainty over the economic outlook". Lenders ...



September 30, 2010

Tighter lending criteria for mortgage borrowers

by Gill Montia
”Tighter
In its latest Credit Conditions Survey, the Bank of England has reported that demand for house purchase mortgages fell slightly in the three months to early September. In addition, lending criteria tightened slightly for the second consecutive quarter, with the trend expected to continue over the coming quarter. Some lenders commented that the changes reflected a more cautious approach to the self-employed and ...



September 13, 2010

House purchase lending fails to impress

by Gill Montia
”House
Demand for house purchase mortgages continued to be weak in July, the Council of Mortgage Lenders (CML) has reported. In what is traditionally a strong month, there were only 56,000 house purchase loans (worth £8.4 billion), although volumes had increased from 53,000 a year earlier. Remortgaging activity remained flat when compared with June (28,000 loans) and worryingly, loans to first-time buyers declined to ...



September 1, 2010

House purchase mortgage lending stands still

by Gill Montia
”House
New figures from the Bank of England show total net lending secured on UK dwellings increasing by £0.1 billion in July, although the rise is well below June's increase of £0.5 billion and the previous six-month average of £0.8 billion. Approvals for house purchase stood at 48,722 with the total broadly in line with a month earlier (48,562) and the previous six-month ...



July 22, 2010

House purchase mortgage approvals slip

by Gill Montia
”House
In its latest Trends in Lending report, the Bank of England has revealed that approvals for house purchase lending decreased slightly in June, compared to a month earlier. At the same time, the total amount loaned for house purchases remained unchanged and a little higher than at the start of the year. Looking forward, most major UK lenders expect gross lending for house purchase ...



June 30, 2010

New mortgage lending fails to impress

by Gill Montia
”New
The number of mortgages approved for house purchases remained all but static in May, compared with April, at 49,815, according to Bank of England data. The figure was down on the previous six month average and well behind the November 2009 peak of 59,338. The result has disappointed analysts who were hoping to see a spring and summer recovery in new mortgage lending ...



June 24, 2010

Mortgage lending continues to make headway

by Gill Montia
”Mortgage
In May, net mortgage lending by Britain's High Street banks grew to £2.6 billion, compared with £1.9 billion in April. Annual growth in net lending (gross lending with repayments and redemptions stripped out) stood at 4.3%, unchanged from April, according to the British Bankers' Association, while May's gross mortgage lending of £9 billion was in line with the previous six month average. Repayments ...



June 17, 2010

First-time buyer mortgage advances lowest since 2007

by Gill Montia
”First-time
First-time buyers accounted for only 35% of all house purchase loans in April 2010, the lowest proportion since September 2007. According to the Council of Mortgage Lenders (CML), the low market share is linked to the need for substantial deposits. The lenders' body comments: "Although there has been some increase this year in the number of higher loan-to-value products available, this ...



June 2, 2010

Mortgage lending continues stunted growth

by Gill Montia
”Mortgage
Net mortgage lending increased by £0.5 billion in April, according to Bank of England figures. The growth rate for the month proved stronger than in March (£0.2 billion) but was below the previous six-month average of £1.3 billion. The number of loan approvals for house purchase also showed some improvement at 49,871, compared with the March figure of 49,008, but remained well below the ...



May 17, 2010

House purchase lending up 45%

by Gill Montia
”House
House purchase lending increased by 45% in March, marking the ninth consecutive month of year-on-year growth, according to the Council of Mortgage Lenders (CML). Loans for house purchase were up 25% in volume (45,000) and 24% in value from February but for the first quarter of the year as a whole, there were 112,000 loans for house purchase, down from 171,000 in ...



April 13, 2010

New mortgage lending stages modest recovery

by Gill Montia
”New
The number of loans advanced for house purchases increased by 12% in February, showing a modest recovery on January when the figures were weak due to the end of the stamp-duty holiday and the severe winter weather. According to the Council of Mortgage Lenders (CML) 35,000 house purchase loans were advanced worth £5 billion, up 49% in volume and 67% in ...



March 29, 2010

New mortgage approvals down in February

by Gill Montia
”New
Residential mortgage approvals declined in February, new figures from the Bank of England show. The number of loans sanctioned for house purchases fell by over 1,000, compared to a month earlier, to 47,094. The total was also well below the previous six months average of 55,130 and 21% below the peak seen in November, as the end to the stamp duty holiday loomed. The ...



March 23, 2010

New mortgage lending up 16%

by Gill Montia
”New
New figures from the British Bankers' Association (BBA) show February's gross mortgage lending at £8.6 billion, having staged a recovery from January's low of £8 billion. The number of house purchase loans approved by the UK's banks leapt 16% year-on-year, to 35,276, having managed a slight increase on January's figure of 35,154. Furthermore, the value of the typical house purchase approval stood at ...



March 12, 2010

New mortgage lending plummets

by Gill Montia
”New
There were 49% fewer house purchase loans approved in January than in December, the Council of Mortgage Lenders (CML) has reported. According to the body, the steep decline "emphatically demonstrates" the impact of the end of the stamp duty holiday, in December. First-time buyers recorded the largest drop among house purchasers: in January, approvals were down to 11,300 compared with 24,800 in December. However, January first-time ...



February 13, 2010

First-time buyer loans hit two-year high

by Gill Montia
”First-time
First-time buyer mortgage approvals hit a two-year high in December as those buying properties costing up to £175,000 rushed their purchases through before the end of the stamp duty holiday. According to the Council of Mortgage Lenders (CML), 24,900 first-time buyer loans were sanctioned worth £2.9 billion, leaving both figures up 26% on November. In December, house purchase approvals in general totalled ...



February 2, 2010

December dip in house purchase mortgage approvals

by Gill Montia
”December
UK lenders sanctioned an additional £1.2 billion in mortgages in December 2009, according to Bank of England statistics. The figure fell below the revised November total of £1.6 billion, but remained above the previous six-month average of £0.9 billion. The annual rate of growth slipped to 0.9% (1% in November) but the three-month-on-three month measure held steady at 1.2%, when ...



January 26, 2010

Mortgage lending stronger in December

by Gill Montia
”Mortgage
Mortgage lending by Britain's High Street banks strengthened slightly in December, although the end of the stamp duty holiday is likely to have prompted a surge in completions before the New Year. The British Bankers' Association (BBA) reported net lending of £3.5 billion during the month, up from £3.4 billion in November and showing an annual rise of 4.6%. December approvals for house purchases ...



January 25, 2010

Average loan-to-value ratio eases to 70%

by Gill Montia
”Average
The average loan-to-value (LTV) ratio on house purchase loans increased to 70% in December 2009, leaving the typical homebuyer requiring a 30% deposit. According to research from the Mortgage Advice Bureau, the tendency for lenders to require large deposits in exchange for reasonable rates is softening, having improved from an average LTV of 67% in November and 69% across the final ...



January 18, 2010

Remortgaging activity to resurface in 2011

by Gill Montia
”Remortgaging
Lenders are shunning the remortgage market, and the situation is unlikely to change until 2011, according to housing intelligence outfit, Hometrack. The firm's strategy, risk and economics director, Gary Styles, explains that lenders have been focusing their attention on house purchase lending, in some cases because they have government targets to hit. In addition, remortgaging activity has plummeted as low interest rates encourage ...



January 14, 2010

Mortgages at their most affordable in five years

by Gill Montia
”Mortgages
Home buyers needed to use less of their income to cover their mortgage interest in November than at any time for more than five years, the Council of Mortgage Lenders (CML) has reported. Home movers were particularly well placed, typically needing only 10.6% of gross income to cover mortgage interest payments, down from 11.1% in October. According to the CML, ...



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