Mortgage Lending February Fall

Mortgage Lending February Fall.

Mortgage lending was expected to fall in February and it did, but much further than analysts predicted. Every month since February 2013 mortgage approvals have risen and this drop in mortgage lending has shocked most.

The Bank of England did say that although last month did see a fall, January saw an unusually large number of approvals and so this drop does not indicate a slow-down.

The UK experienced some extreme weather over the 2 months at the start of the year leading to large amounts of flooding and this was expected to be reflected in mortgage lending.

Predictions did indicate a fall in mortgage lending due to extreme weather the UK saw over January and February, but was not expecting a drop this large.