Mortgage Lending Figures Dipping Even Further
According to experts and analysts, the approval numbers for home credit are either going to stay around the same level or drop again by the end of 2010.
The Bank of England released data recently outlining the fact that the number of mortgages for house purchases dropped from 49,828 in April to 49,815 in May. Both totals are well below the six month average of 51,856. Also, the people seeking to remortgage their home was also lower. Although remortgages are still available through lenders, even for those with bad credit. Timothy Lambert, head of consulting at Ducalian said: "These figures are unsurprising as it concurs with the independent property consultancy’s predictions at the start of the year." He added "We imagine that mortgage approvals will remain static or possibly fall further between now and the end of the year." However, surprisingly according to the Building Societies Association, mortgage increased through May by an eight per cent month on month rate to reach a total of more than £1.5 billion.