Mortgage Lending Falls
The number of mortgage approvals in the UK last month fell to just 32,000 in October, new Bank of England figures show.
That figure stands at 1,000 less than in September 2008, and significantly lower than the 115,000 mortgages approved by lenders in June 2007.
The figures may suggest that both house sales and prices have further to fall, according to the BBC. UK house prices have already fallen by between 10% and 15% in the past year. The actual number of sales has fallen by more than half.
A mortgage expert for Think Money commented: “While it’s true that mortgage offers have fallen compared with last year’s levels, mortgages are still very much available.
“Even so, the current situation highlights the need for good mortgage advice. By speaking to someone who knows the market well, would-be homebuyers can improve their chances of finding the best mortgage deal.”
