26-02-2008
Bankers figures show muted mortgage activity
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
New data released by the British Bankers Association (BBA) shows subdued activity within the UK's mortgage sector.
Over the course of January 2008, the BBA produced data showing that a total of 44,000 new mortgages for house purchase were approved by its members. This figure is 31 per cent lower than the approval levels recorded for January 2007.
"Higher gross mortgage lending in January largely reflected very strong remortgaging activity, as borrowers sought out the best deals available," said David Dooks, statistics director for the BBA, a UK-based trade association specialising in banking and financial issues for the UK and abroad.
However, January's figures are slightly higher than those reported for December 2007. In contrast with the number of new mortgage approvals, remortgaging arrangements accounted for nearly half (49 per cent) of the total mortgage business for the BBA's members in January 2008.