Number of Mortgage Approvals Rise
Friday 29th June 2007 Figures out this week show that new banks approvals have risen in May with British Banks approving over 205,000 new mortgages – this is the highest number in one month since November 2006.
British Banker’ Association (BAA) states that this figure is almost 20% up from the figures from April and are 2% up from the figures from May 2006. BAA puts this rise down to the more competitive deals on offer from major lenders and does not put the rise down to a house market on the up.
BBA’s director of statistics David Dooks states that: "Mortgage lending strengthened in May, reflecting an improved competitive position, rather than a general rise in mortgage demand across the market,”
Banks are still attracting new mortgage customers however who are either borrowing to fund house purchases or remortgaging to find a more attractive
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