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Mortgage approvals drop 18% in March

New mortgage approvals for house purchase dropped 18% in March compared to February, says the British Bankers’ Association.

The BBA says in a statistics release, published this morning, that there were just 35,417 new mortgages approved last month, representing a 46% fall compared to March last year and the lowest monthly figure since September 1997.

A BBA spokesman said that all forms of lending, not just mortgages, were being restricted by the lack of funds.

David Dooks, statistics director for the BBA, says: “The consequences of low banking sector liquidity show up clearly in March data. Reduced product ranges and tighter criteria resulted in slower mortgage lending and significantly fewer loan approvals.

“Pressures on personal finances are also constraining demand, not only for mortgages, but also for personal loans and borrowing on cards.”


Salt retains Complete on packager panel

Salt has retained Complete Mortgage and Loan Services as one of its select group of packagers, following a reorganisation of its packager panel.

Brokers can earn from debt service

Trafalgar Square Solutions has linked up with The Debt Advice Portal to help brokers earn extra income and enhance their service.The partnership means that if brokers’ clients have debt problems that are so severe they can’t get mortgages Trafalgar will help to source advice via DAP, thus providing debt solutions while allowing brokers to retain […]

SMS secures proc fee payments

Solent Mortgage Services has revealed that proc fees earned by brokers will be paid into independent bank accounts and won’t be used as cash flow by the packager.

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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