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Written by rosalind renshaw

Mortgage applications for house purchase fell by 11.4% in October, whilst remortgage applications were up 19.7% on September.

According to the latest Mortgage Advice Bureau figures, complied in conjunction with brokers Coreco, remortgage applications reached their highest level since November 2008.


With lenders currently offering five-year fixed deals at under 4%, and continuing concerns over economic stability and future interest rate and house price movements, the figures suggest borrowers are keen to seek the sanctuary of fixed deals before the New Year.
 


The picture was an entirely different one for purchase mortgage applications which, after rising 14% in September compared to the previous month, dropped off dramatically in October.
 


The average LTV on purchase mortgage applications remained at 70.4%, the same level as in September. The average deposit put down by a purchase mortgage applicant in October was £36,699 compared to £37,767 in September.

Comments

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    This is a happy combination of lenders pricing in property price drops, tightening up lending criteria and the general public awareness of how over priced houses are.

    Fook me, this is at ultra low interest rates. Imagine what lending will be like when rates rise !!

    And they will. UK 10 year Treasuries are now 3.4% up from 2.96 % last month.

    Not long now and UK housing debt will be in serious trouble. Then we'll see affordable housing.

    • 18 November 2010 19:33 PM
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