Mortgage Approvals for August Rise to 2009 High .

Really2

mewbie wrote: »

Come on bulls. If you can't get your own story straight how can the rest of us believe a word of it.

Well it's the economy's story not mine.

Did you dig out the breakdown on the Gross lending?;)

zappahey

Really2 wrote: »

D you mean how one can be lower than last month yet approvals for new loans are increasing?

Well, no, to me that simply suggests that more people have requested smaller mortgages but then, I am sick today and not at my sharpest

I'm happy to hear other explanantions

System

Really2 wrote: »

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

I think that's common knowledge, but no one wants to deprive people of a good frothing opportunity.

Really2

zappahey wrote: »

Well, no, to me that simply suggests that more people have requested smaller mortgages but then, I am sick today and not at my sharpest

I'm happy to hear other explanantions

Re-mortgaging as been falling since BOE base hit 0.5% with many people opting to stay on SVR instead of taking out a fix at a higher rate.
http://www.independent.co.uk/news/business/news/mortgage-lending-sees-annual-growth-1787424.html

Despite the strong growth in the number of mortgages for buyers, the re-mortgaging market remains weak. The number of people re-mortgaging rose by a fifth in July, compared with June, but was still a massive 53 per cent down on July 2008. And the total value of re-mortgages is still some 61 per cent down on last year at £4.7bn.

So the Gross figures you are seeing are a higher proportion of new lending than last year.
This is supported by the fact more and more FTBers are entering the market.

It's a funny time as it seems like the majority of new applications are for new purchases not re-mortgages.

To cut it short the Gross figure falling does not mean less people have purchased a house this month it looks like it could be more have purchased just less have re-mortgaged.

mewbie_2

Really2 wrote: »

Re-mortgaging as been falling since BOE base hit 0.5% with many people opting to stay on SVR instead of taking out a fix at a higher rate.
http://www.independent.co.uk/news/business/news/mortgage-lending-sees-annual-growth-1787424.html


So the Gross figures you are seeing are a higher proportion of new lending than last year.
This is supported by the fact more and more FTBers are entering the market.

It's a funny time as it seems like the majority of new applications are for new purchases not re-mortgages.

To cut it short the Gross figure falling does not mean less people have purchased a house this month it looks like it could be more have purchased just less have re-mortgaged.

Really you are wasted on here. Go and work for the Nationwide - Fionulla's got nothing on you.

Really2

mewbie wrote: »

Really you are wasted on here. Go and work for the Nationwide - Fionulla's got nothing on you.

The fact are out there mewbie if people look further than "GROSS LENDING DOWN" = people have stopped buying.
I have always though a bit of research is required to back up a point rather than just frothing over a headline. .

That the good thing about being a (Bull:rolleyes:) you can look at things Rationally and open-minded instead of having a follow the heard thanking fest.

mewbie_2

Really2 wrote: »

The fact are out there mewbie if people look further than "GROSS LENDING DOWN" = people have stopped buying.
I have always though a bit of research is required to back up a point rather than just frothing over a headline. .

That the good thing about being a (Bull:rolleyes:) you can look at things Rationally and open-minded instead of having a follow the heard thanking fest.

Ah I see. My fault then for attending the HPC cult for so long and rotting my brain. It must the mass hypnosis that causes me to think house prices still have a lot further to fall.

I don't have time to look much further... I'm supposed to be working.

Really2

mewbie wrote: »

It must the mass hypnosis that causes me to think house prices still have a lot further to fall.

I thought they would drop 25-35% and I am apparently a Bull.

As for HPC rotting your brain, that is highly possible.:)

Graham_Devon

So today, we have stories saying mortgage lending is up, and total lent is down, while house prices rise.

So can we basically conclude that if mortgage approvals are up, either:

A) the mortgages are getting smaller in the amount lent, because of LTVs etc and cash rich buyers.

or

It's mostly remortgaging

chucky

Graham_Devon wrote: »

So today, we have stories saying mortgage lending is up, and total lent is down, while house prices rise.

So can we basically conclude that if mortgage approvals are up, either:

A) the mortgages are getting smaller in the amount lent, because of LTVs etc and cash rich buyers.

or

It's mostly remortgaging

no - i think it's

C) None of us have a clue :T