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21st Aug 2009
Mortgage Approval rates hit 80%
A report from the Bank of England reveals that 80% of mortgage applications are being approved, representing a 10% increase on the start of the year.
The August Trends in Lending report from the Bank covers lending data from Santander, Barclays, HSBC, Lloyds Banking Group, Nationwide and Royal Bank of Scotland.
According to the lenders the proportion of mortgages being approved has gone from around 70% in January to around 80% in July.
But the Bank also cites data from Moneyfacts which says that the number of available mortgages at over 90% LTV has stayed virtually flat after increases in May and June.
The lenders have admitted to the Bank that over the last month their appetite to lend at higher LTVs has not increased.
Net mortgage lending advances from the major lenders fell from £1.9bn in June to £1.5bn in July.
Gross mortgage lending flows increased in July with gross lending rising from £9bn to £9.5bn but the Bank says this rise was outweighed by an increase in mortgage redemptions.
House purchase advances in July were £5.2bn while remortgage lending was £3.3bn
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