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Loan claim: Mortgage approvals decline

The number of mortgages approved declined in January according to new statistics from the British Bankers’ Association.

In January there were 32,288 new mortgage loans approved, which is down from 33,440 in December.

This news was a surprise to experts, who expected the amount of new loans approved to rise to over 34,000.

Government has been working to increase borrowing for the purchase of houses in the UK under its Funding for Lending Scheme, which has seen it invest £60 million in banks and building societies in order to encourage them to lend money for mortgages and loans.

As mortgage lending is now available at cheaper rates under the scheme, experts were surprised that the figure for the amount of loans approved had decreased.

This suggests that there is not as much growth in the housing market as hoped and that this is another sector that may not provide growth to the UK’s domestic economy.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801545847-ADNFCR

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