Mortgage Approvals for August Rise to 2009 High .

Graham_Devon

chucky wrote: »

no - i think it's

C) None of us have a clue :T

I'd go with C!

Really2

Graham_Devon wrote: »

I'd go with C!

Really2 wrote: »

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.

Gross lending fall for certain does not mean re-mortgaging is increasing,it is likely to be the exact opposite.

Crash_Over

http://www.bankofengland.co.uk/publications/other/monetary/TrendsSeptember09.pdf


Page 8 ~ Chart 2.1

Re-mortgaging going down.

Loans for house purchase going up.

That is all.

:rotfl::rotfl:

mewbie_2

Page 13. Addendum to the main report. Chairmans comment, and I quote.

"The temporary rise in house prices over the summer months flies in the face of sanity"

new_home_owner_3

Crash_Over wrote: »

http://www.bankofengland.co.uk/publications/other/monetary/TrendsSeptember09.pdf


Page 8 ~ Chart 2.1

Re-mortgaging going down.

Loans for house purchase going up.

That is all.

:rotfl::rotfl:

cheers for the link its got some great information. , its obvious it was for house purchases, why would people who areo going on to low svr's, remortgage it just doesnt make sense, unless they need to do work on their homes.

IveSeenTheLight

new_home_owner wrote: »

cheers for the link its got some great information. , its obvious it was for house purchases, why would people who areo going on to low svr's, remortgage it just doesnt make sense, unless they need to do work on their homes.

Anyone see Martin on telly last night.
3 couples looking at mortgages, 2 were in a position to re-maortgage, one due to lack of equity could not.

The 2 couples that could re-mortgage after the advice received, decided to stay on the SVR.
The third couple decided to overpay their mortgage to build up the equity.

Real live people, having sought professional advice and the conclusion from this small poll seems to be to stick on SVR's for the time being.

Generali

Really2 wrote: »

"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.

From the article:

The central bank also said today that M4 money supply, the broadest measure of money in the economy, rose 12.6 percent from a year earlier in August, the least since September 2008. On the month, it increased 0.1 percent.

penguine

Number of mortgages approved has risen but it appears the total lent has gone down. So this is another piece of news that we can all interpret according to our own personal worldview.

Mortgage lending fell by 13% during August as the market suffered its traditional summer dip, figures from the Council of Mortgage Lenders (CML) showed today.

A total of £12.6bn was advanced during the month, down from £14.5bn in July and 37% lower than in August last year.

https://www.guardian.co.uk/money/2009/sep/18/mortgage-lending-summer-dip-cml

chucky

penguine wrote: »

Number of mortgages approved has risen but it appears the total lent has gone down. So this is another piece of news that we can all interpret according to our own personal worldview.



www.guardian.co.uk/money/2009/sep/18/mortgage-lending-summer-dip-cml

the only reason the total lent has gone down is due to the low volume of remortgages, the number of mortgages approved for house purchases is still increasing each month :rolleyes:

Recent figures from banks and building societies have shown an upturn in approvals for house purchases as buyers, encouraged by low interest rates and signs that house prices may have stopped falling, have started to return to the market.

The CML said that within its figures stronger lending for house purchase had been balanced by lower levels of remortgaging. It added that this trend was unlikely to change for the rest of this year, with a pick-up in housing market activity checked by continuing funding constraints and a lack of ability or incentive to remortgage.

mewbie_2

chucky wrote: »

the only reason the total lent has gone down is due to the low volume of remortgages, the number of mortgages approved for house purchases is still increasing each month :rolleyes:

Has the total lent gone down? Wow, must be a bit worrying for small people who measure themselves by their house value.