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25/02/2013
Remortgage Approvals At Lowest Level In 15 Years
Remortgage approval rates have fallen to their lowest level for 15 years, new figures from the British Bankers' Association (BBA) reveal.
BBA figures show that just 13,696 remortgages were approved during January, the lowest number since January 1998 and just a sixth of the number recorded in March 2004, when the remortgage market perked.
The figures come despite a flurry of record-breaking low mortgage rates and signs that lenders are becoming increasingly willing to grant mortgages.
The BBA figures also showed a fall in the number of approvals for house purchases in January after six months of increases.
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BBA figures show that just 13,696 remortgages were approved during January, the lowest number since January 1998 and just a sixth of the number recorded in March 2004, when the remortgage market perked.
The figures come despite a flurry of record-breaking low mortgage rates and signs that lenders are becoming increasingly willing to grant mortgages.
The BBA figures also showed a fall in the number of approvals for house purchases in January after six months of increases.
(H)
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Northern Ireland WeatherThis Evening and Tonight:Rather cloudy and mainly dry at first, but showery outbreaks of rain soon extending westwards to most places during the night, turning heavier towards morning. Light winds. Minimum temperature 9 °C.
