Gross mortgage lending declined in January

Graham_Devon

chucky wrote: »

i'm sure that most could remortgage - they just didn't want to fix at higher rates instead of staying on a cheaper SVR or tracker and save money...

Probably, so the point still stands that you can't really state it's because re-mortgaging is non existant now. Was then too.

The biggest indicator, to my mind, that this is bad news, is the lack of Hamish.

chucky

Graham_Devon wrote: »

Probably, so the point still stands that you can't really state it's because re-mortgaging is non existant now. Was then too.

The biggest indicator, to my mind, that this is bad news, is the lack of Hamish.

no - remortgage is dead now and was dead last year and will be dead until rates trend upwards.

the Jan numbers are a non-story on their own unless you know the amount lent to the 49,000 approvals or you wait to see Feb's numbers.

Graham_Devon

chucky wrote: »

the Jan numbers are a non-story on their own unless you know the amount lent to the 49,000 approvals or you wait to see Feb's numbers.

May I ask why it's a non story unless I know the ammounts?

Only it wasn't a non-story when approvals were rising...

chucky

Graham_Devon wrote: »

May I ask why it's a non story unless I know the ammounts?

because if you knew the amounts you could divide the net lent to the new approvals and work out the average mortgage that were being approved.

if you wanted to take it further still you could work out what percentage deposit was being used against the indexes - you know the rest

Graham_Devon wrote: »

Only it wasn't a non-story when approvals were rising...

it's one months figures

Graham_Devon

chucky wrote: »

it's one months figures

Well, 2 months if you want to be pedantic. And I do.

November was higher than December by a small margin.

So thats 2 consecutive months of falls in mortgage approvals.

chucky

Graham_Devon wrote: »

Well, 2 months if you want to be pedantic. And I do.

November was higher than December by a small margin.

So thats 2 consecutive months of falls in mortgage approvals.

net or gross lending?

Graham_Devon

chucky wrote: »

net or gross lending?

Approvals.

chucky

Graham_Devon wrote: »

Approvals.

do you think the end of Stamp Duty holiday had anything to with it or even December always being a quiet month to go house buying?

as the stamp duty holiday was ending and seeing that it takes around 4-6 weeks from mortgage approval to completion to happen it makes complete sense that mortgages would be higher in Nov than Dec and even those planning to buy in Jan or Feb 2010 brought it forward.

lemonjelly

Graham_Devon wrote: »

Probably, so the point still stands that you can't really state it's because re-mortgaging is non existant now. Was then too.

The biggest indicator, to my mind, that this is bad news, is the lack of Hamish.

The funniness in this is that it is true!:rotfl:

Graham_Devon

chucky wrote: »

do you think the end of Stamp Duty holiday had anything to with it or even December always being a quiet month to go house buying?

as the stamp duty holiday was ending and seeing that it takes around 4-6 weeks from mortgage approval to completion to happen it makes complete sense that mortgages would be higher in Nov than Dec and even those planning to buy in Jan or Feb 2010 brought it forward.

Yes, I do. But I revert back to it being lower than Jan 2009.

Not going to argue about it. The brown stuff seems to me to be hitting the fan again. That's all I'm saying.

This is my "sentiment" as to whats happening out there.