Mortgage approvals soar 81%

Although approvals dipped slightly in August compared with July, they stood at 38,095, a major increase compared to the 21,001 approvals recorded in August last year. The figures also showed the number of loans for remortgaging was 26,124 in August, a drop from the 30,414 recorded in July which was 47% lower than August 2008. Net mortgage lending rose by £2.8bn in August, similar to the average of the previous six months. Gross mortgage lending in August rose by £0.1bn to £8.6bn, with house purchase loans accounting for £5.2bn of lending out of this total. The BBA explains the slo...