UK Money News
27th March 2008
Mortgage approvals up in February
Mortgage approvals for home movers were slightly up in February, new data reveals.
According to new figures from the British Bankers Association (BBA), the number of mortgages lent to home movers in February stood at 43,870, up from 43,732 during the previous month.
However, compared with the same period last year, February's figures represent a decline of 33 per cent.
Meanwhile, approvals for re-mortgaging rose 5.5 percent from a year earlier to 72,193, as homeowners sought increasingly sought financial security in the current economic climate.
Commenting on the figures, David Dooks, statistics director at the BBA, said: "In an environment of tightening lending criteria, re-mortgaging, either to fix, re-fix, or reduce borrowing costs, has been a clear influence on mortgage data in the first two months of this year, resulting in mainstream lenders picking up market share."
The record low on the series was witnessed in December last year when just 42,189 loans were approved.
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