Posts Tagged ‘mortgage’
Mortgage Approvals rises in March
March has seen an increase in the number of mortgages approved in the UK. The total number is 52,000 up from 48,000 in February. Indications are that First Time Buyers are looking to get onto the housing ladder but the tight restrictions imposed by lenders is still making life hard for them. There are more deals now available but lenders are still wanting large deposits to get the best deals and 10% minimum deposit for buyers. Someone therefore buying a home at £160,000 would need £16,000 deposit and would need to allow several thousands to cover costs and moving in expenses for a new home.
Mortgage Approvals Down in February
The latest figures from the Bank of England show that mortgage transactions are down in February. The number of mortgage approvals for February dropped to 47,100. This is 2% lower than January and 19% down on December. With stamp duty being scrapped for first time buyers on properties costing under £250,000 there may be some improvement to come but funding for first time buyers may negate much of the hoped for impact by the Government.