Mortgage approvals ‘down in March’

mortgage approvals

mortgage approvalsIf you tried and failed to secure a mortgage last month it might be some consolation to discover that you were one of many unsuccessful applicants.

Chartered surveyors e.surv revealed that March was not a good month for mortgage approvals, with only 43,450 approved. This is the lowest monthly level recorded since December 2010.

If you had a small deposit you were out of luck as banks became more reluctant to lend to this type of borrower as their funding costs increased.

First-time buyers also experienced little joy. Loans for the purchase of the cheapest properties fell by 14% in March, with only 10,428 loans approved on homes worth up to £125,000 during the month.

March was the fourth month in a row during which lending to people with small deposits fell. Some 5,829 loans to people with deposits of 15% or under were approved in February, but that figure fell to 4,432 last month.

You might feel disheartened after being rejected for a mortgage but it is important to remember that there is a deal out there with your name on it. In the meantime, you might want to check out this guide to finding the right mortgage to help you get the best deal available.