Mortgage – Banks approve more mortgages for home buyers in October

The number of new mortgages approved by the main banks for house purchase grew slightly in October.

Figures from the British Bankers’ Association (BBA) show they rose from 42,073 in September to 42,238 last month.

The figures reflect the continued slow increase in activity in the market since the turn of the year.

Other figures from HM Revenue & Customs (HMRC) showed a further rise in house sales in October, to 90,000.

Rising sales

The number was 10,000 up on the September figure, and more than double the low point of just 41,000 recorded in January.

It means monthly sales are now 13% higher than a year ago.

But sales in the third quarter of the year were still less than half the number in the same three months in 2007, at the start of the credit crisis.

While the value of all mortgage lending is growing, other forms of personal bank lending are still dropping, the BBA said.

“The longer it takes to emerge from recession, the longer we will see households and businesses continue to borrow with caution,” said David Dooks, the BBA’s statistics director.

“The banks’ mortgage lending, still growing by more than 4% a year, shows one aspect of consumer behaviour but unsecured borrowing is subdued and people are building up deposits,” he added.

Read the original source here.

Sponsored Links

Related Post :

• The Mortgage Modification Conversion Drive has begun.
• Mortgage – L&C Mortgages Launches One Minute Mortgage Check
• Mortgage – Pay off mortgage in 15 years, or 3 years taking into account tax savings and interest savings.?
• Mortgage/insurance escrow. how do they work? If you want a fixed rate on your mortgage and insurance, do?
• Mortgage – How to get some help paying the mortgage?
• Reverse Mortgage – Government mulls ‘reverse mortgage’ program for seniors
• Mortgage Modification – Owner fears for house waiting for mortgage modification to become permanent
• Mortgage Loan Modification – Should your mortgage be no more than 31% of your income, and does that include 1st and 2nd?
• Mortgage modifications to get push
• Home Mortgage Payment – I haven’t missed a home mortgage payment since originating the loan. Need about 3 or 4 months relief?

Other Post :

• Buying a motorcycle at the age of 18 in California?
• Can you get a mortgage after ALMOST foreclosing on your home?
• Virginia Business - News: Freddie Mac: mortgage rates fall below 5 ...
• There, I Fixed It: Epic Kludges + Jury Rigs Blew Insurance Money ...
• Today's Mortgage Rates Under 5, Applications Rise | HULIQ