Mortgage Approvals Down By 20 Percent

Published: 6/25/2010

According to just released industry figures the number of mortgage approvals is down by a massive 20 percent compared with last month and almost 60 percent less than the same time last year.

There were just 28,000 mortgages approved last month, the lowest number since the records began in 1997. Bank of Scotland, for which mortgages are a core part of their business confirmed the validity of these numbers, saying they had seen similar, though not as extreme, results.

What the Bank of Scotland have seen though is a continuation in the level of remortgage business, something that they have been pleased with since this shows that there is still interest in the rates as they stand.