UK Money News
25th June 2008
Home loan approvals down in May
The number of home loans approved fell dramatically during May, as lenders continued to shore up their lending criteria.
According to the latest figures from the British Bankers' Association (BBA), there were 27,968 approvals for home loans during the month - down from 34,752 in April.
The figure for May represents a decline of 56 per cent from the same month last year.
Just £4.3 billion was lent for home purchases over the course of the month, well below the six month average of £6.4 billion.
However, despite the decline, remortgaging continued to bear up worth 63,303 loan deals enacted worth 6.3 per cent more in gross value than May 2007.
David Dooks, statistics director at the BBA, said: "Measures of mortgage activity were lower in May as a result of tighter lending criteria and economic pressures on households.
"Only remortgaging business is holding up, where people need or want to take advantage of deals with other lenders."
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