Mortgage Approvals Decreased in March
March 2008 has been an extremely bleak month for mortgage lending with mortgage approvals declining considerably, according to the latest data from the British Bankers Association.
The major mortgage lenders reported that March has been the lowest month for all forms of mortgage approvals since September 2000. House purchase approvals were the lowest since September 1997. However remortgaging approvals represented 50 per cent of all mortgage approvals.
David Hooks, the BBA statistics director said:
The consequences of low banking sector liquidity show up clearly in March data; reduced product ranges and tighter criteria resulted in slower mortgage lending and significantly fewer loan approvals.
Pressures on personal finances are also constraining demand, not only for mortgages, but also for personal loans and borrowing on cards.
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