Mortgage approvals decline

by Richard Kilner

Story link: Mortgage approvals decline

The British Bankers’ Association has released statistics that reveal mortgage approvals for home buying has fallen by more than a third, year on year.

The decline of 37.8% is the third month in a row that has seen such a fall and marks the lowest ever performance since the British Bankers’ Association eleven years ago.

Contrasting with the falling mortgage approvals is the fact that remortgage approvals have actually risen slightly.

Other loans have continued to fall at a moderate rate.

Last month saw net mortgage lending rise by £4.7bn, however this is substantially lower than recent trends would have predicted.

Repayments for credit cards continue to outmatch borrowing.

The statistics come amidst total consumer debt of £1.4 trillion, the highest ever.