Net Mortgage Lending Down Again
Net mortgage lending in April was down again, to its lowest level in 8 years.While the number of mortgages approved for house purchases rose slightly (but still 15.5% lower than April 2008), the value of the lending was down to £2.7bn, down from £3.4bn in March.
According to the British Bankers Assoc (BBA), it is householders' continuing financial uncertainty that is holding back borrowing.
There also appears to be a decline in the number of people remortaging, perhaps waiting for better fixed rate deals. The number of remortgage approvals in April was 25,418, its lowest since December 1999.
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