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Mortgage Approvals Rise
The number of mortgages approved by the major banks in August was up 81% from the same month a year ago.
And whilst this would indicate good news, the figures also confirmed that many specialist lenders have scaled back their operations considerably in the last year.
Tony Rice, from Bedfordshire-based specialist mortgage and insurance brokers TMP Mortgage Zone, said: "The withdrawal from the mortgage market of specialist lenders - at a time when banks are still reluctant to lend money (yes, even those that are wholly or in a large part owned by a government that is trying to encourage lending!) means that many potential homeowners have been finding it difficult to get a loan. First time buyers are particularly hardest hit as to get the best rates - and sometimes to get a mortgage at all - you often need to put down a large deposit."
[ 17-09-2009 ]
