Mortgage approvals 'lowest for over a year'

Mortgage approvals ‘lowest for over a year’

The article “Mortgage approvals ‘lowest for over a year'” by Brian Milligan discusses a decrease in the number of mortgages that have been approved since August 2016. There are multiple factors that may have contributed to the decline in mortgages, including increase of base rates, increased costs of fix-rate mortgages, and housing market activity. On the other hand, while mortgages decreased, the amount of money borrowed increased. The use of credit cards for borrowing money is becoming increasingly popular.

Key Takeaways:

Change in mortgage fees and processes are in good shape. More approvals than before!
Credit raise for borrowers, means better options for buyers. More buying power.
Certain fees having to do with mortgages have improved. And the process seems easier.

“Mr Archer added that 2018 would be a very challenging year for the housing market, with activity likely to be “lacklustre” and house price rises limited to around 2%.”