Mortgages fall by a third
The total number of approved mortgages have fallen by a third on the same time last year to just over 43,000. The drop in demand for the housing market coupled with stringent rules on how much and under what circumstances mortgages can be given has seen less people take the plunge compared with February 2007.
However the number of re-mortgages increased by 5.5% from last year with over 72,0000 customers re-mortgage for better deals on their mortgage.
The numbers come from the BBA The British Banking and Financial Services Association.