All measures of mortgage lending by banks weakened marginally in March, according to the British Bankers' Association (BBA).
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 unrealistic to expect the mortgage market to recover in a steady and consistent way in the current economic environment."IFAonline
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