Mortgage lending up in September whilst approvals dropped
Figures from the British Bankers Association (BBA) have found that the figure for gross mortgage lending in September increased to £8.4billion, despite approvals dipping slightly.
The amount of money lent by the banks was up from £8.3 billion in August, with a spokesperson for the BBA suggesting that the increase is due to more activity in the buy to let market.
However, the number of mortgage approvals were down 6% compared to August’s figures. 33,130 mortgage loans were approved in September, whereas at the height of the housing market there were about 130,000 approvals a month.
First time buyers who are struggling to get on the property ladder are still concerned about the lack of mortgage lending but the number of 90% mortgages on the market are increasing, so it is important to keep looking.
Using a mortgage calculator can help you find the best mortgage for your requirements and can show you mortgages which are available to you depending on how much you have for a deposit. A calculator will usually just ask you to enter details of the money you have saved up as well as information about your income and the length of time you are looking for.
Similar to a loans calculator, a mortgage calculator will show you how much interest you will be paying so you have a good understanding of how much you will be paying.
However, it is worth remembering that the mortgages available have very different rates so you need to use the information as a guide rather than as financial advice; it is vital that before you make any financial decisions you get advice from professionals.
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