Bank mortgage lending weakens

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All measures of mortgage lending by banks weakened marginally in March, according to the British Bankers' Association (BBA).

Gross mortgage lending fell to £8.9bn - its lowest total since April 2001 - from £9.2bn in February, while the value of house purchase loans approved fell from £3.5bn to £3.3bn. The total value of mortgages approved fell to £7.3bn from £7.7bn. Approvals for house purchase (26,097) fell slightly in March and were some 25% lower than in March 2008. Remortgaging approvals declined to 26,831 from 28,237 as borrowers continued to revert to standard variable rates rather than moving to new fixed rate products. David Dooks, director of the BBA, says: "The banks' figures also show it would be unr...

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