UK mortgage approvals are on the rise
What they do not appear to mention until paragraph 12 of the article is that the Bank of England said that approvals numbered 52,743 in October. The mean bank loans (ie. Mortgage applications) over the average seen up to the financial crisis is around 90,000. So really it is only just over half of the mortgage applications. The Bank of England said that storm clouds were gathering in the economy so the downside risks clearly persist. If the European countries do go into recession again then up to 3million workers in the UK depend upon export led orders from the Euro zone.
But this time mortgage rates will increase: everybody on their lenders Standard Variable Rate (SVR for short) will cost them more money. You see that the rate for lending banks to banks has gone up by 25 basis points or 0.25% in the last 3 months as the banks are finding their interest rates are going up. A few days ago my Bank of Scotland mortgages have gone up – I am paying more money this month to the bank even through the BofE rates have stayed put.
If you are thinking about selling your house – for instance you are unwell or not in the best of health you need to contact us now. If rates are going up, maybe up to a whole 1% then house prices can only tip one way, and that is DOWN. We are the only company that gives you 100% of your equity as opposed to every other ‘YouSellQuick’ company. These quick sell operations will try to beat you down – our company is the only one that goes on an independent valuation.
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