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 [...]
Want to read this article now?
Already a MoneyWeek subscriber? Please log in below.
Not a subscriber? Sign-up now for a 4 week FREE trial to get instant access.