The British Bankers’ Association (BBA) has reported a third monthly rise in mortgage approvals for February.
The number of mortgage approvals rose from 24,278 in January to 28,179 in February.
Despite this rise, the volume of approvals was still nearly 31% down on February 2008.
In terms of mortgage lending, there was a rise from £3.4 billion in January to £3.9 billion in February.
The number of remortgages approved was slightly down compared to January.
The main reason for the reduction is that, rather than remortgage and take out a new mortgage deal, more people are opting to stay on their lender’s low standard variable rate when their mortgage deal comes to an end.
0 comments:
Post a Comment