Mortgage approvals fall once more

News Category: Industry News

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Mortgage approvals for house purchases were lower in April than in March, according to the latest figures from the Bank of England (BoE).

Some 58,000 loans were approved falling from 63,000 in March in what is likely to confirm for many landlords that consumers are feeling the pinch in the property market.

The fall in approvals reflects a 0.1 per cent percentage drop in loans for residential lettings compared to March and the 12th successive monthly drop, according to the BoE.

Commenting on the latest figures, head of personal finance at the Motley Fool, David Kuo, described it as a wake up call for homeowners.

He said: "With more tightening likely, the fall in monthly mortgage approvals could extend to 13 next month.

"Buyers with the necessary finances to complete house purchases are now as scarce as hen's teeth, and could be even rarer next month."

Meanwhile, approvals for remortgaging reached 106,000 in April, up 8,000 on March figures.


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