House Purchase Mortgage Approvals Fall In October

According to information provided by the British Bankers Association (BBA), the number of mortgages that were approved by high street banks here in the UK to purchase residential properties in October of this year fell when compared with the same month in 2015. This news may prove disappointing to a number of people /businesses involved in the property/lending sectors.

In October this year the number of mortage approvals in the UK for house purchase fell in comparison to October 2015.
Mortgage approvals for house purchase fell in October 2016 in comparison to the same month last year.

Apparently, the number of house purchase mortgage approvals fell by 10% in October 2016 in comparison to October last year. This would appear to be quite a drop. When comparing the figures for the first 10 months of 2016 with the same period in 2015, the number of mortgage approvals for buying a home also fell – this time by 4%.

However, it is interesting that the number of remortgages that were approved for the 10 months to October 2016 were 13% greater than for the same period in 2015. When you compare the number of remortgages that were approved in the month of October of this year with the same month in 2015 the figures are similar to one another.

There are an awful lot of lenders providing finance to purchase residential properties and also for remortgaging. Therefore, it may be a sensible idea to shop around when looking for this sort of finance. There are so many ways that this can be done such as by using the Internet where you will no doubt find a number of price comparison sites as well as lenders with their own websites. You could also pop into the banks and building societies in your local high street. You could also use a mortgage broker to help you source a suitable mortgage package.

When comparing different mortgage and remortgage packages it is important that not only the interest rate quoted is taken into account. The likes of any fees when applying for the mortgage such as arrangement fee, legal and valuation fees and penalties for early repayment or to make a lump sum reduction should also be borne in mind.

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