1 Jul

Mortgage rate approvals 'likely to remain the same'

Mortgage rate approvals 'likely to remain the same'

Mortgage rate approvals are likely to remain static over the coming months, according to an expert.

The Bank of England recently released figures which revealed that the number of loan approvals for house purchases had dropped from 49,828 in April to 49,815 in May.

Timothy Lambert, head of consulting at property investment consultancy Ducalian, suggested that these results follow the company's predictions.

He said: "We believed that the rate of mortgage approvals were high for the start of this year and forecast that they would drop and possibly remain static throughout the remainder of 2010."

The bank's study also showed that loan approvals in May were below the previous six-month average of 51,856.

Despite this, the Building Societies Association revealed findings on Tuesday (June 29th), which demonstrated that the amount lent for house loans picked up in May.

It showed that gross mortgage lending by mutual providers was £1.5 million in May, an eight per cent increase from the amount borrowed in April (£1.39 million).

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