Mortgage approvals stable

25 Aug 2008

The number of mortgage approvals for house purchase in July is stable but two-thirds lower than last year, it has been claimed.

New figures from the British Bankers' Association (BBA) reveal that during July 08 some 22,448 new loans for people moving house were granted.

This is 65 per cent fewer than the number approved in July 2007.

It was also revealed that the total value of mortgages approved was at a ten-year low in July.

A study by GE Money has highlighted that 2.4 million mortgage applicants were turned down in the past 18 months.