Approved Mortgages Increased

29/06/2007

From recent research it shows a two per cent increase in the number of approved mortgages since 2006, the British Bankers’ Association reveals.

During May 2007 nearly 205,000 mortgages were approved with a gross lending point of  £19.7 billion, comparing this with last years figures an eight per cent increase.

CML, the Council of Mortgage Lenders stated that mortgage growth has started to slam its brakes, ‘however the mortgage demand remains high’ said BBA.

Director at BBA, David Dooks said: "Contrary to the recent stable trend, the bands' gross and net mortgage lending strengthened in May, reflecting an improved competitive position.

"Because of strong approvals in May, the banks' higher market share is likely to continue over the next couple of months."

Oliver Gilmartin said looking at recent data, there is a further interest rate increase to come during July period, causing a big effect on the market.

Mr Gilmartin said, "Many indicators point to a slowing housing market in recent months with house price inflation expected to slow sharply into the Christmas period,"

Even due to a slow down in the housing industry, BBA feel banks are still coming across high demand of homeowners remortgaging.

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