Good news for mortgage seekers

12 September 2011

Mortgage approval rates are at a 15 months high

Statistics from e.Surv have shown that mortgage approvals are the highest they have been in fifteen months, up to 49,566 from last month.

The high rate of mortgages is thought to be due to the reintroduction of the 100% mortgage by Aldemore bank, showing a glimmer of hope for first time buyers.

It is however, important to note that the best mortgage deals are offered to those with higher deposits of around 30%. Aldemore’s 100% mortgage deal, for instance, comes at a higher interest rate of 6.48% to compensate for the lack of deposit.

Analysts have indicated that increased mortgage lending is positive, showing the property market is moving in the right direction, but still state it will take some time until lending criteria relaxes fully.

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