• Pensions

    Pensions+

    Whether you're saving for retirement or you are facing decisions at retirement, we can help

    View more
  • Savings Planning

    Savings+Planning

    Saving for the future is important and we can help you select the right product to achieve your goals

    View more
  • Mortgage Advice

    Mortgage+Advice

    We are specialists in arranging mortgages for First Time Buyers, people moving home, 'Buy to Let' mortgages and remortgages.

    View more
  • Investment Advice

    Investment+Advice

    Make the most of your money and don't leave it languishing in Building Society accounts

    View more
  • Equity Release

    Equity+Release

    Allows you to access cash tied up in your home - speak to one of our qualified advisers

    View more
  • Protect Insure

    Protect+Insure

    We can shop around for the lowest cost life cover, income protection and critical illness cover

    View more
 

Bank of England: Mortgage approvals fall for the first time in a year

The number of people taking out mortgages in the UK has fallen for the first time in a year, according to new figures from the Bank of England.

There were 70,309 mortgage approvals in February, a sharp fall on January, when 76,753 loans were approved.

The news surprised some economists - until now the number has increased every month since February 2013.

But the Bank said January's figure had been "erratically high," and the fall did not indicate a slow-down.

Analysts had expected a small dip in mortgage approvals in February, due to bad weather.

However they had not anticipated a drop of more than 6,000.

Nevertheless Howard Archer, chief UK economist with IHS Global Insight, pointed out that the number of approvals in February was still up by more than 33% on a year ago.

"The dip in approvals does little to dilute the view that the housing market is sustaining robust momentum," he said.

The Bank of England figures also showed that lending to businesses continued to fall.

UK businesses borrowed £447.5bn in February, down £0.8bn on January, and a fall of 3.7% over the last 12 months.

Since the beginning of this year, the government's Funding for Lending Scheme (FLS) has been re-focused on business loans, in an attempt to stimulate lending.

Through FLS lenders are able to borrow money at cheap rates, providing they pass the money on to companies or small businesses.                                                                                                                                                                                 Source:  BBC News

Sam: 1st Apr 2014 16:33:00

 

Latest News

Remortgage activity ramps up as rates hit new lows
Remortgage activity ramps up as rates hit new lows

Read More >>

Equity release competition continues to surge
Equity release competition continues to surge

Read More >>

90% LTV mortgage availability at post-crisis high
90% LTV mortgage availability at post-crisis high

Read More >>

Number of buy-to-let mortgages at 10-year high
Number of buy-to-let mortgages at 10-year high

Read More >>

Downsizing could free up £112,000 for retirement
Downsizing could free up £112,000 for retirement

Read More >>

See all News...
  • Pensions

    Pensions+

    Whether you're saving for retirement or you are facing decisions at retirement, we can help

    View more
  • Savings Planning

    Savings+Planning

    Saving for the future is important and we can help you select the right product to achieve your goals

    View more
  • Mortgage Advice

    Mortgage+Advice

    We are specialists in arranging mortgages for First Time Buyers, people moving home, 'Buy to Let' mortgages and remortgages.

    View more
  • Investment Advice

    Investment+Advice

    Make the most of your money and don't leave it languishing in Building Society accounts

    View more
  • Equity Release

    Equity+Release

    Allows you to access cash tied up in your home - speak to one of our qualified advisers

    View more
  • Protect Insure

    Protect+Insure

    We can shop around for the lowest cost life cover, income protection and critical illness cover

    View more