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Loans Latest News Mortgage approvals rise Mortgage approvals rise
The number of new mortgage approvals rose to their highest level since June 1994 last month, according to figures from the Bank of England.
Lenders approved 107,000 new mortgage loans in September, a slight increase on August's figure of 106,000.
The figures suggest a renewed buoyancy in the housing market and bode well for future trends.
"Evidence continues to grow that housing market activity is strengthening. The Bank of England data shows mortgage approvals picking up further in September, to be at their strongest level since June 2004," said Howard Archer, chief UK economist at the Global Insight consultancy.
Mr Archer was cautious of predicting a return to the property boom witnessed in the last five years, "given that most affordability ratios are still stretched and will only improve gradually over the coming months".
However, consumer credit such as loans and credit cards is growing at its slowest rate since November 1994, the figures show, reflecting a slowdown in the UK economy.
For more information on Mortgages for First Time Buyers click here
Lenders approved 107,000 new mortgage loans in September, a slight increase on August's figure of 106,000.
The figures suggest a renewed buoyancy in the housing market and bode well for future trends.
"Evidence continues to grow that housing market activity is strengthening. The Bank of England data shows mortgage approvals picking up further in September, to be at their strongest level since June 2004," said Howard Archer, chief UK economist at the Global Insight consultancy.
Mr Archer was cautious of predicting a return to the property boom witnessed in the last five years, "given that most affordability ratios are still stretched and will only improve gradually over the coming months".
However, consumer credit such as loans and credit cards is growing at its slowest rate since November 1994, the figures show, reflecting a slowdown in the UK economy.
For more information on Mortgages for First Time Buyers click here
Monday, 31 October 2005 14:09
Top 5 Personal Loans
|
Loan |
Representative APR |
Min Loan |
Max Loan |
Min Term |
Max Term |
Apply |
|---|---|---|---|---|---|---|
| View Full Table > | ||||||
 |
6.8%
|
£7,500
|
£14,999
|
1 Year
|
5 Years
|
|
| Representative Example: £7500 borrowed over a period of 5 years at 6.8% (fixed) equals monthly repayments of £148 and a total amount repayable of £8,868. There are no other charges included in the total charge for credit. | ||||||
 |
8.2%
|
£5,000
|
£7,499
|
1 Year
|
7 Years
|
|
| Representative Example: £5000 borrowed over a period of 5 years at 8.2% (fixed) equals monthly repayments of £102 and a total amount repayable of £6,112. There are no other charges included in the total charge for credit. | ||||||
 |
6.1%
|
£7,500
|
£14,999
|
1 Year
|
10 Years
|
|
| Representative Example: £7500 borrowed over a period of 5 years at 6.1% (fixed) equals monthly repayments of £145 and a total amount repayable of £8,721. There are no other charges included in the total charge for credit. | ||||||
|
|
8.1%
|
£15,001
|
£25,000
|
1 Year
|
7 Years
|
|
| Representative Example: £15001 borrowed over a period of 5 years at 8.1% (fixed) equals monthly repayments of £305 and a total amount repayable of £18,293. There are no other charges included in the total charge for credit. | ||||||
|
|
6.1%
|
£7,500
|
£15,000
|
1 Year
|
7 Years
|
|
| Representative Example: £7500 borrowed over a period of 5 years at 6.1% (fixed) equals monthly repayments of £145 and a total amount repayable of £8,721. There are no other charges included in the total charge for credit. | ||||||
