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The latest data from the Council of Mortgage Lenders shows a jump of 4 per cent in mortgage approvals for February. The number granted in January was 23,400; February showed 24,300 new loans were approved. The latest figure has given the industry good news to report although the overall picture is still bad as mortgage funding is continuing to be very restricted.
The emergence of more 90 per cent loan to value deals from HSBC has also given the industry confidence with the hope that more lenders will follow suite and introduce an element of competition back in to the mortgage market.
The overall value of home loans granted in February was down 55 per cent on the same period during 2008. The average property price has fallen by about 20 since priced peaked in 2007.
Remortgaging current properties also declined rapidly and only 35,000 remortgage loans were successfully taken out during February compared to 44,000 in January.
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Your property may be repossessed if you do not keep up repayments on your mortgage.
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Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
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