Rise in mortgage approvals backs recent recovery

Rise in mortgage approvals backs recent recovery

According to the latest figures from the major UK banks, The number of mortgages approved for house purchases rose at the end of 2009.

But on the whole last year, mortgage approvals were down 27% compared to 2008 and at their lowest since British Bankers' Association records began in 1997.

Figures show that 45,897 mortgages used to purchase homes were approved last month.

The mortgage market was double that of December 2008, which demonstrates the extent of the recent recovery.

David Dooks - the association's statistics director, said that the proportion of mortgages approved by the major UK banks had grown.

He said that during the downturn the squeeze on mortgage lending was the result of specialist lenders largely stepping back from the market and a contraction in building society finance.

Gross mortgage lending by the High Street banks rose to £10.2bn in December, up from from £9.6bn in November, and 12.5% higher than December 2008, which  - according to the British Bankers' Association (BBA) - was largely due to borrowers bringing loans forward before the stamp duty holiday ended.

The stamp duty holiday – which ended on 1 January 2010 - was a temporary scheme that allowed all properties worth between £125,000 and £175,000 to be exempt from stamp duty. Buyers will now have to pay 1% tax on the value of homes worth over £125,000.

Brian Murphy, head of lending at mortgage brokers Mortgage Advice Bureau, said: "Historically, we would see a drop off in mortgage purchases in December, but with the stamp duty holiday expiring at the end of the year, this has led inevitably to a lot of rushed-through house purchases

"What we are likely to see in January and February is an unusually large drop off in mortgage purchases, because sales which would normally have been concluded in the first two months of this year have been pushed through in December."

The BBA figures also showed that in December, consumers continued to pay off unsecured debts rather than borrowing more on personal loans, and savings increased following the low figure from November.

“Although the Bank rate remains at a record low of just 0.5%, there are still some attractive rates on savings accounts and fixed rate bonds, some at the top end of the market paying almost 10 times more than the current Bank of England Base rate,” said Barbara Scottu at Which4U.

“The new saving rules that will allow all savers an increased ISA allowance has sparked a rate war among providers, giving consumers the opportunity to shop around to find the best isa rates, something which we wouldn't usually expect to see until the approach of the new tax year,” she added.

The increase in ISA allowance has already come into play for those aged 50 and over, allowing savers to deposit up to £10,200 between cash and equity ISAs. The rest of us will benefit from the increase in April.

The demand for personal loans was significantly weak and balances dropped by £3.9bn throughout 2009, the figures showed.

The BAA said that total consumer credit contracted by 2.2% over the last year.

Consumers repaid £5.9bn on credit cards last month, while spending was at £5.8bn. However, interest and charges applied to many of us meant that outstanding credit card debt rose by £130m.

Written by Sam Gooch
Tuesday, 26 January 2010 14:57
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Advice

Get 0% commission on credit card purchases overseas (usually 2.75% charge)!!

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Representative Example: Representative 16.9% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 16.9%
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Cash Advance: 24.1% p.a.
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Advice

There are no balance transfer fees when transferring a balance from another card. Please note - Nectar points are NOT earned using this Credit Card. If you wish to collect Nectar points with your credit card you should apply for the 'Sainsburys Nectar Credit card'.

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Barclaycard Simplicity

Advice

Get 7.9% Representative APR (variable)
(Applies to every purchase and/or balance transfer you make)
No balance transfer handling fee!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 7.90% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 7.9% (variable) your Representative APR will be 7.9% (variable).
Annual Rates
Balance Transfers: 7.90% p.a.
Cash Advance: 15.8% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 21 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £20,000 p.a

Lloyds TSB Advanced Mastercard

Advice

You must spend a minimum of £100 in the 1st 3 months or the 6 month 0% purchase duration is reduced to 3 months only. Keep track of your money across your Lloyds TSB personal current and credit card accounts with Money Manager and Active Account Monitoring to spot any suspicious spending.

Introductory Offer
Balance Transfer Rate: 4.90% for 12 mths
Balance Transfer Fee: 1.50%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 11.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 11.95% (variable) your Representative APR will be 11.9% (variable).
Annual Rates
Balance Transfers: 11.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £25,000 p.a

Amex Platinum Cash Back

Advice

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: N/A
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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