Financial news categories
Financial news archive
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
Mortgage lending falls dramatically
30 September 2008
The Bank of England has revealed that net mortgage lending was £143 million last month, compared to July's figure of £3billion. The number of approved mortgages hit a record low of 32,000 during the month.
A combination of falling house prices, the current banking climate and the confusion over stamp duty are said to be to blame. This is all making it hard for potential buyers to raise the deposit they need for applying for a mortgage.
The number of mortgages approved for new purchases is 70% below the levels they were at a year ago.
Search for the best UK Mortgages
