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Loans For House Purachases Highest In 2 Years

Loans Rise

Approved House purchase loans rose to a high of 53,300 in October a rise of 9% over September and up 43% from a year ago, said the Council of Mortgage Lenders.

“The amount of buyers has risen from a trough in January 2009 when only 23,000 loans were advanced. It is now up nearly 100 percent from that low point,” the CML stated.

Remortgaging loan numbers remain low but they’re not falling, they’re holding steady at 33,000 the same figure as September. However this is still one of the weakest figures since the records began in 2002.

Banks Lending More Mortgages

UK Lenders are predicting mortgage availability to increase in the next few months as the outlook for the economy improves.

The Bank of England’s Trends in Lending report revealed that projection comes after availability dipped in the third quarter of the year.

New mortgages rates rose in August to an average of 4.3% up from 4.2% in July.

Credit card borrowing and loans continue.

Lenders have stated that there has been no increase in demand for car loans in spite of the rise in car sales on the back of the scrappage scheme. (more…)