Mortgage Approval Drops 65%
The number of mortgage approvals has declined by 65% over the past year, with July figures almost matching the record low in June. The British Bankers’ Association (BBA) said the number of mortgages approved in July totalled 22,448, which represents a 10 year low of the value of mortgages approved at £3.2 billion.
The number of remortgage deals which are going through is down 21%, but this still makes up for half of all mortgage activity as more people are wishing to consolidate their debt with a remortgage.
BBA statistics director David Dooks said: “The monthly numbers of approvals for house purchases, which have fallen by some two-thirds over the last year, levelled off in July.”
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