Mortgage lending up, BBA finds

Fri, 24 Jul 2009

The British Bankers Association (BBA) has released a new report showing an increase in mortgage approvals over the month of June.

Positive figures from the organisation claim that mortgage approvals were at a 15-month high - up 9.4 per cent compared to May, while there was a rise of 64.7 per cent year-on-year.

Commenting on the results, Ray Boulger, senior technical manager at independent mortgage adviser John Charcol, said that in reality, these deals were not being completed due to breaks in the chain.

Mr Boulger explained: "Where people are buying property and there is a chain involved - which clearly there is in a lot cases - there are quite a lot of instances where one person in the chain ends up not being able to get their finance and then that can mean that the whole chain falls apart."

The second quarter of the year saw a steady level of mortgage lending, although figures are still low, according to a recent Council of Mortgage Lenders report.
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