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Mortgage Approvals for August Rise to 2009 High .

Really2
Really2 Posts: 12,397 Forumite
10,000 Posts Combo Breaker
edited 18 September 2009 at 12:26PM in Debate House Prices & the Economy
"U.K. mortgage approvals by the nation’s six biggest banks increased for a seventh month in August to the highest level this year, a sign the housing-market slump is easing.

The number of loans granted by the institutions rose to 57,000 from 53,000 in July, according to a sample from the Bank of England’s lending panel released today in London.

http://www.bloomberg.com/apps/news?pid=20601102&sid=aZXel9f42UWE

Looks like all that frothing on the other thread was all down to lack of re-mortgages after all.
«134567

Comments

  • maveli
    maveli Posts: 590 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    There is always conflicting stories

    http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=490859&in_page_id=8&ct=5
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    maveli wrote: »
    There is always conflicting stories

    http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=490859&in_page_id=8&ct=5
    Really2 wrote: »
    Looks like all that frothing on the other thread was all down to lack of re-mortgages after all.


    Your story is Gross. This looks like NET new lending will be up again.

    Gross lending is hazy at the moment as people coming to the end of the fix are not re-mortgaging, just sitting on SVR.
  • IveSeenTheLight
    IveSeenTheLight Posts: 13,322 Forumite
    Really2 wrote: »
    Your story is Gross. This looks like NET new lending will be up again.

    Gross lending is hazy at the moment as people coming to the end of the fix are not re-mortgaging, just sitting on SVR.

    To be fair, can re-mortgaging not also account for new lending?

    If I'm with the Halifax and remortgage with HSBC, then I still take out a new mortgage
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    Really2 wrote: »
    Your story is Gross. This looks like NET new lending will be up again.

    Gross lending is hazy at the moment as people coming to the end of the fix are not re-mortgaging, just sitting on SVR.

    don't let the real facts get in the way of the fantasists on this board :rolleyes:
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    IveSeenTheLight wrote: »
    To be fair, can re-mortgaging not also account for new lending?

    If I'm with the Halifax and remortgage with HSBC, then I still take out a new mortgage

    it can but not when remortgage rates are higher and not appealing to those at the end of their fixed rates
  • zappahey
    zappahey Posts: 2,252 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Really2 wrote: »
    Your story is Gross. This looks like NET new lending will be up again.

    Forgive me for being thick but how does this correlate to net rather than gross lending?
    What goes around - comes around
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    edited 18 September 2009 at 12:48PM
    zappahey wrote: »
    Forgive me for being thick but how does this correlate to net rather than gross lending?

    Do you mean how one can be lower than last month (gross mortgage lending) yet approvals for new loans are increasing?
  • mewbie_2
    mewbie_2 Posts: 6,058 Forumite
    1,000 Posts Combo Breaker
    Come on bulls. If you can't get your own story straight how can the rest of us believe a word of it.
  • inspector_monkfish
    inspector_monkfish Posts: 9,276 Forumite
    Really2 wrote: »
    Your story is Gross. .


    its not that bad....
    Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
    (MSE Andrea says ok!)
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    IveSeenTheLight wrote: »
    If I'm with the Halifax and remortgage with HSBC, then I still take out a new mortgage

    Not sure, but HSBC would ask you if it is for a new purchase or a re-mortgage.
    But I should imagine it includes approvals for re-mortgages.

    But going of the figures so far this year an increase in mortgage approvals as been followed with an increase in new loans for homes (if it is for FTBers or STR's is another debate) thus more houses sold.
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