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The knock on effect on mortgages – mortgage approvals on the up

The British Bankers’ Association (BBA)reports that the number of mortgage approvals increased around 4% on a monthly and yearly basis in July to 74,590, as gross mortgage lending remained flat for a third consecutive month at £7.6bn.

Its figures, represent two-thirds of UK mortgage lending by the main high street banking groups, they show that gross mortgage lending was down 8% year-on-year from £8.3bn in July 2010.
Annual net mortgage lending grew 1.7% in July to £0.9bn up from £0.5bn in June, ahead of the increase of 0.7% for the whole mortgage market, the BBA said. Yet, net mortgage lending was down from £1.3bn in July 2010.

While house purchase and re-mortgage approvals remained weak in July, both showed growth on a monthly and yearly basis, with total approvals up around 4% on June and July 2010.
House purchase approvals reached a 12-month high of 33,417, up from 32,123 in June and modestly up on July 2010. The average value of approvals was 2% higher than July last year at £151,500.
Re-mortgage approvals in July rose 14% on last year to 26,043 and up from 24,311 in June, which could be a result of the growth in the buy-to-let sector, the BBA said.

Meanwhile, approvals for any equity withdrawal remained flat, the BBA reported, with homeowners using the rise in value of their homes as security for borrowing.

If you want to relook at your mortgage before the saving for Christmas commences we will be happy to offer you independent financial advice at Enable.

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