More Approvals for Home Loans In December
Banks have increased their share of the mortgage market to three quarters, as specialist mortgage lenders and building societies have had to withdraw from the market. Banks loaned a total of £107bn in 2009, down from £170bn in 2008.
Banks approved double the amount of home loans
in December. However the overall amount of money loaned to customers still dropped by £63bn which is the lowest level recorded since 1997.
The number of mortgages approved in December rose to £45,897, this was double the amount approved last December.
There were lots more mortgage applications in December of this year as home buyers wanted to complete sales before the stamp duty holiday on properties costing below £175,000 finished. This strenghened activity in December 2009.
The lending of secured loans
is rising at the fastest pace since october 2008.
Written by Sam Peppercorn of Home Loans
and Secured Loans