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Mortgage approvals remain low, figures show

Fri, 24 Oct 2008

The number of mortgage approvals remained low in September, according to new figures.

Data released by the British Bankers' Association (BBA) shows that net mortgage lending rose by £3.6 billion, which is more than in August but lower than the average for the last six months.

David Dooks, BBA statistics director, said: "It was not surprising to see continued low levels of mortgage lending and approvals in September, ahead of the Government's banking support announcements."

The mortgage market has changed significantly compared with this time last year, he added.

Supply has been restricted and high street mortgage lenders now provide over two-thirds of all new loans, Mr Dooks stated.

Yesterday, NatWest and RBS announced that it is to cut the interest rates on a range of its fixed mortgages .

Customers will be able to access deals up to 0.6 per cent cheaper than in the past, with fees on a selection of products also being cut.
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