Mortgage Applications 17 10 2007 - News Archive

Mortgage Applications

738 thousand mortgage applications have been rejected in the first six months of this financial year according to a survey by MoneyExpert.com. That’s 60% more than the previous six months. This is mostly due to the stricter guidelines being set by the banks and building societies. Lenders have put more stringent checks in place to ensure that their clients have the funds to repay the mortgages and loans being taken out.

The Bank of England’s base rate has risen five times since August last year, going from 4.5% to 5.75% a jump of 1.25%. This means an extra £1320 a year on a £150k mortgage.
 
:: Added on: 17:10:2007 ::

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