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BoE Mortgage Approvals hit 13-month high
Rinoa
Posts: 2,701 Forumite
http://www.independent.co.uk/news/uk/home-news/mortgages-approvals-at-13month-high-2328227.html
With the number of 90% LTV's increasing apace and mortgage rates plummeting, lenders are clearly open for business.
With the number of 90% LTV's increasing apace and mortgage rates plummeting, lenders are clearly open for business.
If I don't reply to your post,
you're probably on my ignore list.
you're probably on my ignore list.
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Comments
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With the number of 90% LTV's increasing apace and mortgage rates plummeting, lenders are clearly open for business.
Disagree.
Mortgage rationing continues, and whilst approvals have risen this month, they remain at around 40% of 2007 levels.
The number of products at 90% LTV has increased, but the amount of lending at 90% LTV remains absurdly low.
FTB lending remains in decline, whilst BTL lending is the only category growing rapidly.
Don't get me wrong, any improvement is welcome, but we've still got a very long way to go.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
2,000 more than May.
And just 2,600 more approvals than the 4 month low in April.
Just adding some context. The highs and lows are on macro levels now, compared to the last decade.0 -
Graham_Devon wrote: »2,000 more than May.
And just 2,600 more approvals than the 4 month low in April.
Just adding some context. The highs and lows are on macro levels now, compared to the last decade.
I think we are all fully aware of previous approval levels.
The significance of the past couple of months data is the directional change in approval numbers from falling to rising.
No doubt due in part to lenders relaxing criteria and increasing competition for new business.If I don't reply to your post,
you're probably on my ignore list.0 -
HAMISH_MCTAVISH wrote: »Disagree.
Mortgage rationing continues, and whilst approvals have risen this month, they remain at around 40% of 2007 levels.
The number of products at 90% LTV has increased, but the amount of lending at 90% LTV remains absurdly low.
FTB lending remains in decline, whilst BTL lending is the only category growing rapidly.
Don't get me wrong, any improvement is welcome, but we've still got a very long way to go.
Agree with your sentiments.0 -
No doubt due in part to lenders relaxing criteria and increasing competition for new business.
There's no relaxation of underwriting criteria. If anything its getting tougher.
Lenders are competing for quality remortgage business. Even this merry go round will slow down at some point.
The number of people still on pre 2009 high fixed rate deals is getting fewer and fewer.0 -
Graham_Devon wrote: »2,000 more than May.
And just 2,600 more approvals than the 4 month low in April.
Just adding some context. The highs and lows are on macro levels now, compared to the last decade.
If you want to know about mortgage approvals, ol' Rinoa/Clownbumbles is your man.
A point well made GD. Traditionally I like to do it a different way.
"I had one apple last week. This week I have 2 Thats a whopping 100% increase in the number of apples I have".0 -
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nollag2006 wrote: »Oh dear
Maths not your strong point then?
Never mind
.....................
:rotfl:If I don't reply to your post,
you're probably on my ignore list.0 -
Thrugelmir wrote: »There's no relaxation of underwriting criteria. If anything its getting tougher.
There are those who disagree.
http://www.guardian.co.uk/money/2011/may/13/first-time-buyer-numbers-rising
And BoE approvals for June were higher still.It says the data shows that lenders are beginning to offer higher loan-to-value (LTV) ratio mortgages, with the average LTV for properties under £125,000 standing at 68% in April, compared to 64% for the same month in 2010. Purchase volumes increased in the 85%-90% LTV bracket at almost three times the pace of the rest of the market.
The average LTV for all purchases was 61%, and total mortgage approvals rose 1.8% in April to 48,435 from 47,577 in March.
Richard Sexton, business development director of e.surv, said: "More first-time buyers are getting on to the property ladder as they look to escape the record cost of renting and take advantage of loosening lending criteria.If I don't reply to your post,
you're probably on my ignore list.0 -
nollag2006 wrote: »Oh dear
Maths not your strong point then?
Never mind
Maths is actually quite a strong point of mine.
:rotfl:But its a Fair cop. error Corrected. The point (which Hamish has chosen not to discuss) remains the same.0
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