Mortgage Industry News

← Back

Cheap mortgages as market improves

Date: Mon, 28 Nov 2005

New figures show a slight drop in mortgage lending suggesting that some buyers are managing to secure a cheap mortgage deal.

The data from the British Bankers' Association (BBA) reveals that mortgage lending during October stood at £4.2 billion, compared to £4.3 billion in September and £4.7 billion at the same period in 2004.

The number of mortgage approvals did show a significant rise compared to the previous month, with an increase of 23 per cent compared to2004– a sign that many buyers are shopping around to get the best low-cost home loan.

In total, 72,328 mortgages were approved during October, the highest number since July 2004 and analysts remain optimistic about the future of the UK housing market.

"At this time last year, the trend in net mortgage lending was on a clear downward path," said BBA's director of statistics, David Dooks.

He added: "Having stabilised in the spring, the trend has hardly moved since, but with gross lending and approvals, particularly for house purchase, now seeing higher levels than corresponding months in 2004, the mortgage market seems particularly resilient as we enter what is usually a period of lower demand."


© 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.