Mortgage approvals rise again
Wed, 02 Sep 2009
The Bank of England has released figures showing the number of successful mortgage applications in July have outstripped June’s figures.
50,123 Home Purchase Loans were taken out over the 31 days July period according to the Bank of England’s figures, compared to 47,891 for June. These figures represent the sixth consecutive monthly rise in mortgage approvals.
These figures although low are a 53% improvement on the figures for the same time last year and are the best lending statistics since April 2008.
The figures also revealed home owners are paying off their mortgage with renewed vigor; repayments outstripped new borrowing by some £418 million the first time repayments have outstripped borrowing since records began.
A recent study conducted by the Council of Mortgage Lenders found that £16 billion worth of mortgage borrowings were taken out in July, while this is an increase on June's figures, overall results are down 36 per cent year-on-year.