Welcome Friday 30th July 2010 22:48

News in Detail

Borrowing rates up, mortgage approvals down

Tuesday 13th November 2007 - 16:43

Fewer mortgages were approved in September 2007 by UK banks than in the previous 26 months, indicating that the property market is starting to cool down.  

Whilst the borrowing rate for UK home loans have continued to rise following the collapse of the U.S. sub prime mortgage market earlier in the year, households are now finding it harder to shoulder their debts. 

Interest rates on a two year fixed mortgage rose by 0.92% in September to 6.33%, compared with 5.41% 12 months earlier, according to the Bank of England report.

« Back to archive