Mortgage Approvals Down The amount of mortgages approved in January were down by 21% following Lending Criteria restrictions.

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Mortgage Approvals Down

March 14, 2011 at 2:50 PM

The amount of new mortgages and remortgage deals in January that got approved were down by 21% from January 2010, as conditions in the UK housing market continue to be down in the dumps.

Only 28,932 were approved for house purchases over January, according to the British Bankers’ Association (BBA).

While this was slightly up from the amount approved in December 2010, it remains below the 36,000 or so that were processed the year before.

To put it in perspective 70,000-80,000 mortgage approvals is the bench mark for a buoyant housing market. 

This is again due to Banks and Building Societies having unrealistic mortgage lending criteria that the average person just cannot live up to. 

In these tough economic times it is perfectly understandable for some one to be a bit late on a credit card or loan payment occasionally. The banks though are just looking for any excuse not to lend.

Tags: Mortgage Lending Criteria
Category: Lending Criteria

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