UK sees significant rise in approved Mortgages

UK sees significant rise in approved Mortgages

According to UK lenders, the total number of mortgages granted to home buyers in June increased by 23% compared with May.

The Council of Mortgage Lenders (CML) has said that around 45,000 mortgages were approved for property purchases in June, falling just 6% below the number granted in June 2008.

The group has said these figures indicate that the mortgage market has stabilised, although it was still far from returning to the levels seen during the housing boom.

There was still mounting pressure on first-time buyers, as on average they were expected to put up a deposit of at least 25% of the value of the home.

The figures from CML revealed that the number of mortgages granted to home-buyers in June hit the highest levels seen since July 2008, as the housing market had already begun to feel the pinch, and amounted to £5.9billion.

CML economist Paul Samter. Said: "Low interest rates and realistic selling prices have helped generate a welcome increase in transactions. But there is some way to go before we reach normal levels of activity

"There are tentative signs that lending criteria are easing, but re-mortgaging demand is likely to remain subdued whilst interest rates stay at current levels."

The average loan taken out to purchase a home rose from £105,000 in March to £111,000 in June, reflecting the recent rise in house prices.

But the amount required as a deposit has seen little change, standing at 25% in March and 26% in June.

According to the CML, in June, first-time buyers were granted 17,200 loans, amounting to £1.9billion – up by 26% compared to the previous month. This figure was 7% down on the previous year, when on average first-time buyers were expected to put down a deposit amounting to 13% of the property value, compared to the 25% deposits seen in June.

Written by Sam Gooch

 

Tuesday, 11 August 2009 11:41
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Amex Platinum Cash Back

Advice

Not only do you get 6 months 0% on purchases, you also get 5% cashback on up to £2,000 spend within 1st 3 months (Max £100). After this you can earn cashback rates of 1.25% with NO spend limit!!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 18.5% p.a. (variable)
Representative Example: If you spend £1,200 at an annual interest rate of 14.0% (variable) with a £25 annual Fee your Representative APR will be 18.5% (variable).
Annual Rates
Balance Transfers: 18.5% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: £25 p.a.
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Cashback
Introductory Cashback Rate: 5% p.a.3 mths
Standard Cashback Rate: 1.25%
Approval Criteria
  • I am aged 18 or over
  • I have a current UK bank or building society account
  • I have a permanent UK home address
  • I have a household income of at least £20,000
  • I have no history of bad debt
  • If self-employed, I have been working for more than one year.

AA Balance Transfer Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 16 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

AA Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 10 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

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