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Loan claim: Mortgage lending approvals fall

The number of lenders approving mortgage applications has fallen, an expert has said.

Catherine Hearnden, director at MyMortgageDirect, a website run by experienced independent financial advisers, claims that the number of approvals has fallen despite demand for mortgages increasing.

She said: "The mortgage demand has not been weak - in fact it picked up a lot last year. It was the number of approvals that fell and it wasn't because the quality of the applicants was any lower; it was because of the inflexibility being shown by the lenders."

Ms Hearnded added that lenders need to develop a more personal approach, allowing underwriters to look at an application and make a judgement.

According to figures released by the British Bankers' Association, 2010 saw a drop in mortgage approvals.

It revealed that the total number of house purchase approvals in 2010 was just under 400,000. This represents a ten per cent drop in the number of approvals in 2009.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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