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Loan claim: Mortgage lending fell in February

The British Bankers Association has found that fewer people took out mortgages in February.

It said that new mortgages were down by six per cent compared to one year ago.

The number of loans approved in February fell to 30,506, which is the lowest number of mortgages approved since July 2012.

This shows that people are either less keen or unable to acquire funds to enter into the housing market.

However, this could change under the government’s ‘Help to Buy’ scheme, which was outlined in the Budget on March 20th. Among the plans in this scheme are some to allow people to obtain interest free mortgages for up to 20 per cent of the value of their house if they can provide a deposit of between five and 20 per cent.

The government had hoped previously that its Funding for Lending Scheme, which was put in place to allow cheaper lending to homeowners, would boost mortgage lending. However, these results show that it has not taken effect as of yet.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801562781-ADNFCR

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