View more on these topics

Mortgage borrowing down 4% in year to October, says BBA

arrow down houses graph

Gross mortgage borrowing reached £12.2bn in October, 4 per cent lower than the same month last year, according to the latest British Banker’s Association figures.

House purchase approvals were also down, falling 10 per cent in the year to October 2016.

Remortgage approvals were simililar to those in October last year but were 13 per cent higher in the first 10 months of the year than in the same period last year.

Speaking about the latest BBA figures, Bluestone Mortgages managing director Matt Andrews says: “An annual decrease in mortgage approvals reflects a more cautious approach from lenders, likely as a result of the current uncertainty in the housing market and wider economy.  However, fewer approvals and the continuing squeeze on affordability is pricing an increasing number of would-be homeowners out of the market.

“The borrowers who are set to suffer the most under these conditions are those who do not fit traditional high-street lending criteria. Automated credit scoring models seldom take into account the nuances often found in the credit profiles of contractors, the self-employed, or those with adverse histories.”



Mortgage lending down in September but purchase approvals up, says BBA

Gross mortgage borrowing fell 2 per cent in the year to September 2015, while house purchase approvals dropped 15 per cent in the year, according to the British Bankers’ Association. In September, gross borrowing was £12bn, down from the £12.4bn figure reported by the BBA for August. However, the Association said its members approved 38,252 […]


Approvals down 21 per cent in August: BBA

House purchase approvals fell 21 per cent in August year-on-year to 36,997, according to the British Bankers’ Association. The first eight months of 2016 also saw house purchases fall 2 per cent compared to the same period the year before. Gross mortgage borrowing of £12.4bn in August was 1 per cent higher than in August […]


BBA: Brexit not hitting mortgage borrowing

Brexit has not hit mortgage borrowing demand, according to figures from the British Bankers’ Association. Gross mortgage borrowing this month is at £12.6bn, up by 6 per cent compared to July 2015. Net mortgage borrowing is also 3 per cent higher than last year. Yorkshire Building Society head of corporate affairs Tanya Jackson says: “These […]


Employers fined £52,500 for auto-enrolment failings

By Jamie Clark, Business Development Manager The Pensions Regulator (TPR) has taken the step of naming and shaming employers that have been served County Court Judgments (CCJs) for non-payment of auto-enrolment fines. We take a look at what this means for employers, their employees and advisers Shamed into action? Sixty-four employers have been served CCJs […]

Trusts: Easier than you think?

Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]


News and expert analysis straight to your inbox

Sign up