Mortgage Approvals At Record Low

Sky News reported this morning that the number of mortgage approvals sank to a new record low of 33,000 in July, as reported by the Bank of England. This was 2,000 fewer than in June, and down from 114,000 in July last year, according to the Bank. Approvals have now fallen for the 12th straight month and are 71% down on a year ago. The figures are the lowest since records began in April 1993 as banks get stricter on lending criteria in response to the credit crunch. Announcing the news, the Bank pointed to further sharp falls in house prices in the coming months. The weaker than anticipated figures are likely to add to expectations that interest rates could fall before the end of the year as the property slump is being felt across the economy.

How many Mortgage Advisors do you know who would find an additional income stream of some assistance right now given the current economic climate? For more information please contact Esther on Freephone 0800 496 8111 or email esther@bills2big.com