New Mortgage Guides

Other Mortgage Guides

Mortgage Types

Mortgage Tools

Mortgage approvals down on last year
Wed, 28 May 2008
Figures from the British Bankers’ Association reveal that the slump in the property market may become exacerbated with gloomy performance in the mortgage market for April.

Total loan approvals, although up on March figures, hit record lows and were down 39 per cent on figures from a year ago. March was a record low of 35,546 new approvals, the lowest figure recorded since the BBA initiated the study in late 1997.

Some experts claim that the drought in the mortgage market, caused by frozen wholesale money markets, could be coming to an end. Whilst most opinion polls indicate that credit conditions remain severe, attempts by the central bank to free up the mortgage market may be having some effect.

The Director of Statistics at the BBA, David Dooks, was reported as commenting: "Pressures on household finances, stalling house prices and tighter lending criteria in response to lower liquidity are all constraining demand for house purchase and equity withdrawal loans, which are both well down on levels last year.

Link to this page

Copy and Paste the following HTML into your page.

Mortgage lenders

Browse mortgage lender offersMortgage Rates by Lender

  • Browse current mortgage offers from over 90 lenders.
Browse

Worried about mortgage repayments?Worried about Mortgage Repayments?

  • Join our petition to Government to bail out burdened individuals, not just banks.
Sign the petition

Free mortgage quoteFree Mortgage Quote

Apply Here

Mortgages in Scotland Mortgages in Scotland

Read More

Equity releaseEquity Release

  • Unlock equity in your home.
Apply Here

Switching mortgagesSwitching Mortgages

Read More

Home reversion plansHome Reversion Plans

Apply Here

Commercial mortgages Commercial Mortgages

  • Commercial property loans
  • Starting a business?
Apply Here

Arrears & CCJs?

  • Remortgages
  • Sub prime mortgages
  • Arrears, CCJs
  • Self certification
  • Debt consolidation
Apply Now

Protect your mortgageProtect Your Mortgage

  • 3 months free mortgage protection cover
Apply Now

Mortgage Newsletter