Tag: remortgaging

Mortgage approvals nudge ahead

Mortgage approvals nudge ahead

The UK’s High Street banks approved 74,590 mortgages in July, with the figure up from 71,521 in June and ahead of the previous six-month average (69,803). According to the British Bankers’ Association (BBA) house purchase approvals came in at 33,417, activity having gathered pace since June (32,123) and exceeded the previous six-month average (30,695). At [...]

August 23, 2011 | 0 Comments More
Weak mortgage lending continues

Weak mortgage lending continues

Annual growth in banks’ gross mortgage lending stood at £7.6 billion in June, with the figure 11% lower than a year earlier, according to the British Bankers’ Association (BBA). Early signs of growth in the buy-to-let market were evident but both house purchase and remortgaging approvals continued to be weak, and with repayments still at [...]

July 27, 2011 | 0 Comments More
CML: Mortgage approvals higher in May

CML: Mortgage approvals higher in May

The Council of Mortgage Lenders (CML) has reported that the number of loans for house purchase rose in May. According to the Council, there were 41,500 loans worth £5.9 billion advanced for house purchase in the month, up from 40,800 in April. However, the figure remains lower than the 43,800 loans advanced in May 2010. [...]

July 12, 2011 | 0 Comments More
CML: Remortgaging on the increase

CML: Remortgaging on the increase

The Council of Mortgage Lenders (CML) has today reported a rise in remortgaging loans as homeowners anticipated interest rate hikes. According to the CML, there were almost 34,000 remortgage loans advanced in March – 16% higher compared with February and a rise of 17% on an annual basis. Remortgaging has remained subdued during the historically [...]

May 13, 2011 | 0 Comments More
BBA: Mortgage approvals up 3% in February

BBA: Mortgage approvals up 3% in February

The British Bankers’ Association (BBA) has today revealed a slight rise in the number of new mortgages approved by the major banks in February. According to the BBA, the number of new mortgages approved in the month stood at 29,923 – marginally better than January’s level of 29,159, albeit lower than economists forecast of 29,350. [...]

March 23, 2011 | 0 Comments More
BBA: Mortgage approvals continue to fall

BBA: Mortgage approvals continue to fall

The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in November. According to the BBA, the number of new mortgages approved in the month fell to 29,991, down from 30,689 in October - representing a 20-month low. Net mortgage lending fell to [...]

December 23, 2010 | 0 Comments More
Mortgage lending to remain “stable but small”

Mortgage lending to remain “stable but small”

New mortgage lending showed a month-on-month fall of 4% in October, with 46,000 loans for house purchases advanced, according to the Council of Mortgage Lenders (CML). At £6.7 billion, the value of the advances was down 6% on September and 12% on October 2009, although last year’s figure was bolstered by buyers taking advantage of [...]

December 10, 2010 | 0 Comments More
Tighter lending criteria for mortgage borrowers

Tighter lending criteria for mortgage borrowers

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 [...]

September 30, 2010 | 0 Comments More
House purchase lending slumps again

House purchase lending slumps again

New data from the Bank of England show the number of loans approved for house purchases falling in August, marking the fourth consecutive monthly drop. Mortgages were secured by 47,372 homemovers and first-time buyers, down from 48,346 in July and below the previous six-month average of 48,619, although it should be noted that August is [...]

September 29, 2010 | 0 Comments More
House purchase lending fails to impress

House purchase lending fails to impress

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) [...]

September 13, 2010 | 0 Comments More
House purchase mortgage lending stands still

House purchase mortgage lending stands still

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 [...]

September 1, 2010 | 0 Comments More
Mortgage lending improves in June but CML cautious

Mortgage lending improves in June but CML cautious

Despite the doom and gloom surrounding the housing market currently, there is some positive news from the Council of Mortgage Lenders (CML). According to the CML, 52,000 new loans were granted to home buyers in June - 19% higher than in May and up 14% on June 2009. CML economist Paul Samter points out that [...]

August 11, 2010 | 0 Comments More
Remortgaging relief as interest rates “pinned to the floor” until 2014

Remortgaging relief as interest rates “pinned to the floor” until 2014

Mortgage borrowers will be pleased to hear that interest rates could be “pinned to the floor” until 2014. The prediction comes in the latest report by respected economic forecaster, Ernst & Young Item Club, which at the same time acknowledges that high energy prices and the VAT rise due in January will keep inflation above [...]

July 26, 2010 | 0 Comments More
Home movers spend least on mortgage interest since 1975

Home movers spend least on mortgage interest since 1975

Mortgage borrowers who moved home in May saw their mortgage interest payments accounting for the lowest proportion of income since the Council of Mortgage Lenders (CML) began collecting data, in 1975. CML members made 27,100 loans to home movers, up 19% on a year earlier, while the proportion of income spent on mortgage interest stood [...]

July 12, 2010 | 0 Comments More
Lenders warn of new mortgage freeze

Lenders warn of new mortgage freeze

UK banks and building societies are expecting mortgages to be “less readily available” in the next three months, as the wholesale money markets that lend to the lenders “tighten”. In its latest Credit Conditions Survey covering the three months to early June 2010, the Bank of England also reports that a slim majority of lenders [...]

July 2, 2010 | 0 Comments More
New mortgage lending fails to impress

New mortgage lending fails to impress

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 [...]

June 30, 2010 | 0 Comments More
Mortgage lending continues to make headway

Mortgage lending continues to make headway

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 [...]

June 24, 2010 | 0 Comments More
First-time buyer mortgage advances lowest since 2007

First-time buyer mortgage advances lowest since 2007

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 [...]

June 17, 2010 | 0 Comments More
Mortgage lending continues stunted growth

Mortgage lending continues stunted growth

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 [...]

June 2, 2010 | 0 Comments More
House purchase lending up 45%

House purchase lending up 45%

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 [...]

May 17, 2010 | 0 Comments More