Monday, 23 October 2017

Lending reaches four-month high

THE number of mortgage applications approved reached a four-month high in June, Bank of England figures show.

The Council of Mortgage Lenders (CML) has also revised its prediction of lending figures for 2014 upwards — to more than £200 billion.

More than 67,000 approvals were made for house purchases in June, showing an eight per cent increase on May — which was the first full month after stricter mortgage lending rules came into force. The figures show that despite the rise in mortgage approvals, June’s total is still below an average of 68,240 seen over the previous six months.

The Bank’s figures were released as property website Zoopla published its survey of nearly 8,000 home owners — showing that 40 per cent of them think it is now harder to get a mortgage than it was three months ago.

New rules, introduced as part of the Mortgage Market Review (MMR) at the end of April, force mortgage applicants to provide more details about their spending habits. Lenders also have to use ‘stress tests’ — to ensure a borrower could still manage their mortgage repayments if interest rates rise.

Property

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