You are here: Home - Mortgages - Remortgage - News -

Remortgage approvals fall 10% in a year

0
Written by: Victoria Hartley
26/06/2017
Mortgage providers report that May saw remortgaging approvals of 24,248, which is a fall of 10% against last year and below the six-monthly trend of 26,494.

The British Bankers’ Association (BBA) reported house purchase approval numbers in May of 40,347 at 3.3% lower than May 2016 and slightly down on the monthly average of 41,923 over the previous half-year.

Gross mortgage borrowing in May totalled £13.3bn much in line with recent months and 9% higher than a year before.

Net mortgage borrowing in May was 2.4% higher than a year ago, said the trade body which is one of the six bodies, which includes the CML to merge into a single trade association UK Finance at the end of this month.

Consumer credit annual growth was 5.1% in May, compared with 6.4% in April. The decline in May was driven by weaker growth in personal loans and overdrafts with annual growth falling from 6.3% to 4.8%, while growth in credit card borrowing also slowed from 6.4% to 5.5% reflecting weaker retail sale volumes in May.

Annual house price growth has also dropped to a rate of just 3.3%, according to the May Halifax house price index.

Prices increased by 0.4% in May according to Halifax, to take the average house price to £220,706. However, over the quarter prices have fallen by 0.2%, while annual house price growth is now markedly lower than the 10% rate seen in March last year.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week