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Mortgage approvals hit 17-month high

Mortgage approvals from the high street banks rose again in July as figures hit a 17-month high.

The British Bankers’ Association has revealed approvals amongst the high street banks in July stood at 38,181, a rise of 7.4 per cent compared with June and 77 per cent higher than a year ago.

The BBA says offsetting repayments gave rise to a net mortgage lending figure of £1.6bn, which was the lowest since October 2000.

Also it says unsecured lending has continued to be weak and trends in deposit levels appears to be improving as households focus on managing their personal finances and building up deposits.

BBA statistics director David Dooks says: “The numbers of mortgages approved for house purchase each month by the high street banks have continued to recover from last November’s low point, but new lending is largely being offset by repayments, so that net rises remain relatively weak.”

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  1. Mortgage ApprovalsHit 17 Month High
    Its reassuring to see more mortgages being approved, however, I wonder what percentage of these are introduced by intermediaries. I also wonder what are the splits in respect to Ltv. I would be suprised if the higher Ltv’s of up to 90% are in this rise in approvals. Moreover the rates available to intermediaries in the 90% Ltv bracket is criminal in relation to the dual pricing which is still evident in the market by the lenders. Even first time buyers are entitled to unbiased whole of the market advise with the opportunity of having available to them the keenest and best rates that their deposit can get. Whilst I recognise that at there are some products available through the intermediary channel at 90% but at what price up to 7.49%for a five year fixed rate. Why can banks/lenders in Northern Ireland seem to be able to offer their customers much better rates., very much on par with the dual prices not available to the intermediary. How can the banks state that there is a bigger risk factor involved at 90% ltv therefore must reflect in the rate being offered when some banks are offering 90% ltv to customers in house at much lower rates. Not treating customers fairly, whether it is through the intermediary channel, or otherwise should be investigated.

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