Approvals for mortgages is down on 2006 as interest rates start to bite figures brought out today show.
British Bankers' Association (BBA) research highlights that 198,000 mortgages were approved in March 2007, down 8% compared to March 2006.
In spite of fewer mortgages gaining approval, the house price increase sees the amount lent still rising.
£18.6 bn was lent in March 2007, an increase of 5% on March 2006, with the annual mortgage growth lending staying level at about 14%.
The average mortgage went up to £150,800 in March, up 12% on March 2006.
Research shows that borrowing on credit cards declined in March by £100m, with personal loans as well as overdrafts staying at about the same level.
Mortgage lending highlights that homebuyers and homeowners look for fixed rate mortgages as protection vis-a-vis increasing interest rates.
In the last two months net lending has increased less sharply compared to the same period of time in 2006. This indicates that there is weaker demand.
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Homeowners Demand for Mortgages Down
Tue, 01 May 2007
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