Tag Archives: Monetary Policy Committee

Bank of England Showing Poor Home Loan Statistics

There are two ways definitely not for the fact that the current housing slowdown, along with tighter lending conditions that have been fueled by the global credit crisis has swept across the UK in recent months. The Bank of England said the number of new mortgage approvals has definitely fallen behind again.

A statement of officials of the Bank of England shows that for almost seven consecutive months, the level of mortgage approvals has been falling. Compared to 81,000 permits for the month of November, only about 73,000 mortgages were approved for house purchases in December. According to industry experts, there is a crisis that affects the accessibility of the first-time buyers at present.

Even in specialist fields – such as ‘buy to let’ equity release and – the level of mortgage approvals fell in December, though re-Mortgage approval levels increased slightly, probably due to an increase in the number of re-mortgage applications because of the cut in interest rates. Your rating and the circumstances pertaining to the financing options are open to you, as some methods of financing are more expensive than others.