BoE: Mortgage lending dropped in April

The Bank of England said while total mortgage approvals for house purchase increased slightly in March, data from the major UK lenders indicated their approvals for house purchase edged lower in April. Some major UK lenders also reported downward pressure on mortgage pricing due to increasing competition to lend. Gross mortgage lending for house purchase in April was similar to March, having weakened in 2010 Q1 but the value of remortgaging fell. The major UK lenders reported credit availability had not changed significantly during the past month, however estate agents continue to ...