There’s been much speculation about the mortgage market and how the rise in the Bank of England’s Base Rate would affect the mortgage market. Although there has been rises and falls in approvals and application over the course of the year, the mortgage approvals for August have proved to have gone up. Compared to the previous month, statistics show an increase of 2.7% however year-on-year there has been a decline of 0.7%. August saw more than 66,500 approvals of which there was an increase in the amount of small deposit borrowers (those with less than 40% deposit) whilst ...
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The mortgage market is said to be weakening, and as a result many lenders have taken the decision to cut fees and take less stringent lending standards in the hope that growth will be maintained. After the dramatic market changes of 2008, many lenders have been careful to not to be seen to be encouraging over lending to mortgage applicants. Many mortgage lenders have been keen to ensure that the mortgage is affordable to the application and that stress tests are applied in the event of further rate rises. Moneyfacts have stated that the amount of lenders now ...
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