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02/06/2008
Bad News On Mortgages
As the Bradford & Bingley - a former building society - saw shares plummet more than 30% as its stocks fell across the wider banking sector, news of an overall downturn in mortgages has emerged.
The number of mortgages approved for people in the UK buying a home fell to a new low for the second successive month in April, the Bank of England said.
Just 58,000 loans were approved in April, the lowest since the bank began collecting data 15 years ago.
March's previous record low of 64,000 was also revised down to 63,000.
The April figures were far worse than the small increase to 65,000 expected by economists and offer more evidence of housing market gloom as banks tighten up lending and buyers are deterred by economic fears.
The number of loans approved for home buying has fallen to just over half the 107,000 seen 12 months earlier.
But the data shows loans approved for people re-mortgaging their property increasing by 8,000 to 106,000 in April.
Against the backdrop of the Bradford & Bingley - the UK's biggest buy-to-let lender - revealing that its full-year profits were set to suffer as more borrowers fall behind with their repayments, it spells bad news for those trying to get their foot on the property ladder without equity built up in an existing home.
They will need bigger deposits and face more expensive deals.
The overall value of mortgages approved over the month was £23.8 billion - below the average £26.1 billion lent in the previous six months.
The latest news came on foot of Bradford & Bingley confirming it was selling 23% of the business to private equity firm Texas Pacific Group (TPG) in a move set to raise £179 million.
The move will raise £258 million instead of the £300 million proposed when the controversial exercise was announced last month.
The developments came a day after organisation's Chief Executive Steven Crawshaw had stepped down for health reasons.
(BMcC)
The number of mortgages approved for people in the UK buying a home fell to a new low for the second successive month in April, the Bank of England said.
Just 58,000 loans were approved in April, the lowest since the bank began collecting data 15 years ago.
March's previous record low of 64,000 was also revised down to 63,000.
The April figures were far worse than the small increase to 65,000 expected by economists and offer more evidence of housing market gloom as banks tighten up lending and buyers are deterred by economic fears.
The number of loans approved for home buying has fallen to just over half the 107,000 seen 12 months earlier.
But the data shows loans approved for people re-mortgaging their property increasing by 8,000 to 106,000 in April.
Against the backdrop of the Bradford & Bingley - the UK's biggest buy-to-let lender - revealing that its full-year profits were set to suffer as more borrowers fall behind with their repayments, it spells bad news for those trying to get their foot on the property ladder without equity built up in an existing home.
They will need bigger deposits and face more expensive deals.
The overall value of mortgages approved over the month was £23.8 billion - below the average £26.1 billion lent in the previous six months.
The latest news came on foot of Bradford & Bingley confirming it was selling 23% of the business to private equity firm Texas Pacific Group (TPG) in a move set to raise £179 million.
The move will raise £258 million instead of the £300 million proposed when the controversial exercise was announced last month.
The developments came a day after organisation's Chief Executive Steven Crawshaw had stepped down for health reasons.
(BMcC)
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Northern Ireland WeatherToday:A very mild, but mostly cloudy day, although with some bright or sunny spells. It will be mostly dry in the morning, but a little patchy light rain or drizzle at times in the afternoon. Maximum temperature 14 °C.Tonight:A band of heavier rain will move east during the evening before clearing eastwards after midnight. then mostly dry through the early hours, but a little rain towards dawn. Minimum temperature 8 °C.
