Mortgage applications for house purchase in August had a monthly fall of 2.3% but, claims the Mortgage Advice Bureau, were an astonishing 34.8% up on August last year
MAB, which operates via network of independent estate agents, will not be drawn on the percentage of its applicants who are successful but on current industry performance, 60% of applications are turned down.
MAB said that under 70% of applicants chose fixed rate deals – the lowest level for ten months.
The fall suggests that an increasing number of borrowers are responding to speculation that rates could remain unmoved until 2013.
The average loan size on mortgage applications in August was £135,397, down slightly on July figure of £135,873.
The average LTV on mortgage applications in August was 71.4% compared to 69.1% in July.
The average deposit put down by a mortgage applicant in August was £54,235, down significantly on the average deposit of £60,759 in July.
The average age of a mortgage applicant in the UK in August was 37 years 7 months and the average salary of a mortgage applicant was £33,777.
MAB reports on a similar pattern of activity in remortgages, with applications down 5.6% in the month. However, application numbers in August were still up 48.1% on August 2010.
Comments
I believe Sequence are doing 100% morgs again .....how sad for first time buyers.......big arrangement fees
"...but on current industry performance, 60% of applications are turned down."
Is that true? The property market is even more messed up than I thought!!
i blame the world cup for last years lower mortgage applications ! and this summers cooler weather !
Most of the apps are probably from hysterical rent-to-buyers who "can't" sell their current place because it's priced at a ludicrous level and they refuse to "give it away".
What utter rubbish !
If only this was a credible report from a credible source.
Another incomplete and therefore worthless 'statistic'
'will not be drawn on the percentage of its applicants who are successful'
Sort of says it all really, They could of said 'we are not going to tell you how many we get through, but its bad, really bad'