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BBA reports rise in mortgage approvals in May
Comments
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Want to show me a link there chap?
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/Mortgages/DG_10013667If the lender is happy with the valuation and references, you'll be made a formal offer - usually sent to you and your solicitor. Once you (or your solicitor on your behalf) have signed and returned the offer documents, your lender is committed to providing the money. The mortgage offer usually requires you to take out buildings insurance, in case something happens to the property before you've paid off the mortgage.
what it seems is that you have a decision in principle from these lenders - these aren't really worth the paper they're printed on except to show to EA's that you are 'interested' in buying.
a mortgage offer is legally binding for the lender and has various conditions to meet before the funds are released - in saying that there have been stories of them being withdrawn, don't know the reasons why though.0 -
Where does your above quote mention "BBA mortgage approval". It doesnt.... nowhere is the word approval in the above link. Must try harder.....
An approval is an approval. Its not released funding. Approval does exactly what is says on the tin...0 -
Where does your above quote mention "BBA mortgage approval". It doesnt.... nowhere is the word approval in the above link. Must try harder.....
An approval is an approval. Its not released funding. Approval does exactly what is says on the tin...
Can we assume that your '3 mortgages approvals in kind. 3 pieces of paper, saying you can borrow X thousand, based on a multiple of Y , for a property valued at Z' all say 'BBA morgage approval' on them?
Thats good.
So you are definitely 3 of the 31,162.
Do you feel honoured?Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)0 -
Ooh yes, seeing as there were 16,000 dissapointed customers this month. What chucky is looking for is this graph:
More info here.
http://www.hmrc.gov.uk/stats/survey_of_prop/table16-5.pdf
mu ha ha ha!0 -
lol - the internet warrior has arrived0
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With the lack of funding out there, even though the government are using QE, if the number of actual mortgage transactions are rising, then the 2.6% rise posted by Halifax has to whiff a bit. We can't have both really at the same time.
Are these actual mortgage completions though, or are they just the banks saying 'you can have this money if you want it' ?, as they are not, obviously the same thing. I'm a little confused.0 -
b1tch slapped?
what just happened??Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)0 -
Sorry dude, thought it innapropriate. Got overexcited then the little angel on my left shoulder reminded me that Uncle Martin says to play nice!
Soz!
Ad, its very difficult to tell. Going to fire a quick email to BBA to confirm this, then will get back...0 -
With the lack of funding out there, even though the government are using QE, if the number of actual mortgage transactions are rising, then the 2.6% rise posted by Halifax has to whiff a bit. We can't have both really at the same time.
Are these actual mortgage completions though, or are they just the banks saying 'you can have this money if you want it' ?, as they are not, obviously the same thing. I'm a little confused.
from looking at press reports it's actual lending not mortgages in principle
http://uk.reuters.com/article/idUKLNE55M01Y20090623The British Bankers' Association said that approvals for house purchase numbered 31,162 last month versus 29,018 in April. While that was much higher than a year ago, it still remained well below historical norms.
Net mortgage lending rose by just 2.3 billion pounds compared with a 2.5 billion pounds rise in April, the weakest since early 2001.
http://www.financemarkets.co.uk/2009/06/23/house-purchase-loans-show-further-rise/During the month, BBA members lent an addition £2.3 billion; the figure reflects the weakest monthly rise in net lending (gross lending with repayment and redemptions stripped out) since early 2001 and is well below the previous six month average of £3.2 billion.
i'm sure that the charming mbga9pgf will be making more denial comments here
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