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Cheap mortgages on the up in January

Date: Thu, 02 Mar 2006

The number of approved mortgages is on the up as borrowers search out the best cheap mortgage deals.

Figures from the Bank of England show that 122,000 mortgages were approved in January- 49 per cent higher than the same period last year and the highest rate since May 2004.

As the house market improves, many borrowers are shopping around to take advantage of low interest rates to secure a cheap mortgage.

"Mortgage approvals are also clearly above their average for the last decade of 100,000, strengthening the argument that the housing market in 2006 will see the first rise in activity since 2002, after three consecutive years of decline," said Sarah McShane of the Royal Institution of Chartered Surveyors.

However, some analysts have raised concerns that this early boost of mortgage approvals could have an impact on the market during the coming months.



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