Mortgage approvals hit record low

Remortgage and equity withdrawal loans have also been hit hard as fallout from the credit crunch continued to plague the financial system. The total number of mortgage approved for house purchase fell to just 21,086 in August, 64% lower than in August 2007, and the lowest figure since records began in 1997. The average value of each loan was also lower at around £130,000, a 15.2% drop, indicating home buyers tend to have larger deposits and are buying at lower prices. Remortgage numbers fell to 47,765, down 27.8% since last year, while secured loans for other purposes fell 35.3% to 26...