Mortgage lending cause for concern
Lending fell sharply in June, with the British Bankers’ Association reporting that the number of mortgage approvals for house purchase fell to a four-month low of 34,813.
The long-term average for the month is 59,387 approvals.
Andrew Montlake, director of independent mortgage broker Coreco, said the figure is worrying.
He says: “The latest figures show that mortgage lending still has a long way to go to reach healthy levels, and the fear is that with turbulent economic waters ahead, the lending climate is going to get significantly tougher in the second half of the year.”