Mortgage Industry News

← Back

Cheap mortgage deals boost market

Date: Tue, 30 May 2006

Home loan lending has increased by ten per cent in April as cheap mortgage deals help to boost the sector.

New figures from the Major British Banking Groups (MBBG) revealed that a total of £15.5 billion was lent in April, ten per cent more than in April 2005.

The data showed that 169,330 mortgages were approved despite the long Easter weekend meaning there were just 18 working days in the month.

"Mortgage approvals were predictably weak in April due to there being fewer working days. However after allowing for working day effects, approvals were much in line with recent trends,” said David Dooks, head of statistics at the British Bankers’ Association (BBA),

"Though consumer credit increased in line with recent patterns, it followed the previous month’s net repayment."

Homebuyers are being advised to shop around for the best cheap mortgage offers especially as April saw the average mortgage increase by nine per cent to total £140,400.


© 1998-2005 DeHavilland Information Services plc. All rights reserved.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.