New Mortgage Guides

Other Mortgage Guides

Mortgage Types

Mortgage Tools

Lowest mortgage approvals since 1999

Mon, 01 Sep 2008

The UK saw the lowest number of mortgage approvals since 1999 in July as banks granted a total of 33,000 home loans, down from 35,000 in June and the 12th decrease in a row.

Mortgage approvals currently stand at a third of the level they were at a year ago, the official survey from the Bank of England showed.

Remortgages also decreased from 80,000 in June to 69,000 in July - significantly less than the previous six month mean of 96,000.

Nevertheless, the value of the loans increased from £3.14 billion in June to £3.23 billion.

The Royal Institution of Chartered Surveyors (Rics) has called on the government to increase the number of mortgages granted to potential buyers by providing more funds to lenders .

Rics has reported that sales were at their lowest level for 30 years in July, with estate agents making an average of one sale a week.

The Bank of England is due to make its decision over interest rates at its monthly meeting on Thursday.

Analysts have predicted that despite the threats to the housing market, the Bank will maintain the base rate at five per cent.
add to favouritesnewsletterlink to this pagesend to friendpost comments

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