UK Mortgage Approvals Fell in October – BBA

According to the latest report from the British Bankers' Association, the number of mortgages approved in October 2010 fell to 19-months low. Commercial mortgages were also less accessible than before.

Last month, the number of residential mortgages approved reached only 30,776, which is down from 31,058 in September and 33,914 in the first half of 2010.

Commenting on the gloomy figures, Mr. Archer of IHS Global Insight said that "the housing market has got little going for it at the moment, apart from low mortgage rates – and that is if you can get a mortgage."

Mortgage requirements for first-time buyers also became tougher as banks raised the minimum deposit to 25%.

Mr. Dooks of the British Bankers' Association believes that tough lending environment is the reason why activity on the UK housing remained subdued in October 2010.

If you are currently looking for an affordable mortgage, consider using online tools to find and compare best-buy deals available from British mortgage lenders.