Mortgage Approvals Return to Rise

Mortgage Approvals Return to Rise.

The Bank of England (BoE) has reported that mortgage approvals are back to rising levels. Compared with May June saw an 8% rise to bring the total mortgage approvals over that time to 67,196.

Since February mortgage approvals had been on a downturn, this was being linked with a new set of rules applied to the mortgage market called the Mortgage Market Review (MMR). Under the new set of rules lenders were required to perform tougher checks and make a decision on whether the borrower could afford repayments in different circumstances.

The slowdown in mortgage borrowing is now being predicted by many experts to be over and the market is returning to healthy positive volumes.

This comes a day after the Land Registry reported seeing a slight drop in house price growth with seven out of the ten regions in England and Wales seeing a fall in house prices over May and June.