Mortgage approvals fall again

JonnyBravo

Really2 wrote: »

Further to ISTL's post.

If you look at the best rates at the moment you can see why perhaps BBA are falling and CML are increasing.

http://www.moneysupermarket.com/mortgages/


Not many banks with the best rates TBH.

That would imply that there is more supply than demand though.
If the best customers are getting the best rates (via CML), and we keep hearing how hard it is to get these rates, surely the "less ideal" customers would be supporting the total amount of mortgages taken out via BBA institutions?

Really2

JonnyBravo wrote: »

That would imply that there is more supply than demand though.
If the best customers are getting the best rates (via CML), and we keep hearing how hard it is to get these rates, surely the "less ideal" customers would be supporting the total amount of mortgages taken out via BBA institutions?

Or that BBA had a good stretch of getting the best borrowers over the last year or so.

Now people are saving more CML lenders (building society's etc) are able to compete or better the rates banks were offering not that long ago.

Competition coming back to a market place is not an indication of there being more supply than demand IMHO.

If you look at how the spread of rates are set out, banks seem to be better on variabel rates, BS's seem to be better on fixes.
I take that as an indication of the cost of the money available to them.

Generali

StevieJ wrote: »

The agenda I was referring to was from the Telegraph, I have noticed a flood of similar HPC worded articles from them of late.

I see. I hadn't noticed that myself although there are the amageddon stories that keep dripping through each week which are interesting but wrong in equal measure for the most part IMO.

Thrugelmir

StevieJ wrote: »

It says that it ignores redemptions/repayments.

That would suggest the figures are for new mortgages advances only. Remortgaging of existing facilitities has also been stripped out .

Strings

IveSeenTheLight wrote: »

Interestingly, I see that mortgage rates are falling even further.

HSBC offered a 5 years fix from 4.99%, then lowered to 4.95%, then 4.7%, then 4.29%.
Now I see they are at 3.95%

Looks like they are trying to entice more customers

https://mortgages.hsbc.co.uk/product/186-5-year-fixed-special

I have said this all along, the banks need the custom and will reduce rates to suit how much people can afford at the time