Mortgage Approval Still Subdued
Mortgage approvals are likely to remain subdued for the coming few months based upon the Bank Of England figures released today.
In May mortgage approvals increased to 45,940 from 45,447 in April however May’s figures were lower than average for the previous six months.
Trustee of Debt Support Trust, Stuart Carmichael said, “Low consumer confidence and a continued difficulty in obtaining mortgages means mortgage growth is stagnant. It’s a chicken and egg scenario – consumer confidence will grow when lending improves, however lending will improve as consumer confidence grows and the economy becomes more financially stable”.
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;