Why mortgages will remain hard to get

This isn’t the best of times for those looking for a mortgage. A mere 63,000 were approved in April, down from almost 76,000 in January. That might sound like a lot. But the long-term average from 1993 to 2007 was more like 99,000 a month, says David Smith in The Sunday Times.

Some of this is down to the change in focus of the Funding for Lending Scheme away from mortgages, and some will be a consequence of the April introduction of the Mortgage Market Review (MMR), which forces lenders to be sure that borrowers can afford [...]

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