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Mortgage Lending falls but rate remains
The Bank of England has opted to stick at 5% on a day that the property market suffered further bad news on the level of mortgage loans approved and a further drop in property prices.
Lending has further slumped to a new low of just under 58,000 in April, the figure for March was 64,000. The figure for April was the lowest since records began in 1991 and 55,000 less than April 2007. Those wanting to take a break from their mortgage repayments have decided to take up the offer of mortgage holidays with some opting to take a whole year off as they reorganise their finances. The million or so buy to let landlords are also continuing to feel the pinch as the market has closed up and only exists of around 15 lenders willing to lend on properties with new builds being the hardest to lend against. Buy to let reposessions have doubled in the first three months of this year with many unable to secure remortgage deals, higher rates and a drop in property prices mean loan to value critera are ofton at odds with lenders strickter lending policies..
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