May Mortgage approvals dipped to lowest levels since June 2013

Stamp DutyAccording to the Bank of England the number of mortgages approved in May was at its lowest level since June last year.

Down from 62,806 to 61,707 May’s approval figures were significantly lower than the 75,901 approved back in January this year.

This dip has been widely linked with the new stricter affordability checks that are being carried out on current mortgage applicants. The new checks, introduced as part of the Mortgage Market Review, have been blamed for slowing down the mortgage application process.

The British Bankers’ Association have also reported a dip in approvals saying that the number of successful applications has dropped four months in a row suggesting that the heat was coming out of the mortgage market.

Persons looking to secure a mortgage may find that speaking to a qualified experienced mortgage consultant will help. They can explain the new rules and help to identify the impact the new regulations may have on each individuals borrowing capacity.

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Posted by: Nicola Severn Categories: Finance, Industry News, Mortgages, Property News Tags: , , , , Comments Off on May Mortgage approvals dipped to lowest levels since June 2013

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