Mortgage approvals hit all time low

The BBA’s latest figures also show re-mortgage and equity withdrawal loans have also fallen slightly, suggesting many borrowers are being forced on to standard variable rates (SVRs). In addition, loans made for house purchases fell to just 27,968 in May, down from 34,752 the previous month, and have fallen by 56.1% since May 2007. The value of purchase loans also fell 20% - from £5.4bn to £4.3bn - adding to a slump now totaling over 50% in the past twelve months. Remortgaging activity has been more robust than house purchase lending, but has nonetheless fallen due to the ongoing effects ...