British mortgage approval rate goes down

British mortgage approval rate goes down

In October, the overall number of mortgages approved by the British Banker’s Association went down to a 13-month minimum, as industry data disclosed on Friday.

UK Finance reported that in October mortgage approvals went down to a seasonally updated 40.5 thousand versus September’s outcome of 41.6 thousand.

Experts had expected mortgage approvals to edge down to nearly 40.9 thousand the previous month.

Besides this, a great number of homeowners rushed to have their mortgages refinanced ahead of the Bank of England's rate lift the previous month, as the association informed.

The anticipated bank rate soar saw a storm of remortgage activity as a lot of homeowners tried to benefit from the competitive rates on offer. In addition to this, borrowing was also stimulated by stronger first-time buyer activity because this segment derived the benefits from lower rates, good credit availability as well as government housing schemes.

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