Mortgage lending 'slowing'

Despite April increases, overall figures for mortgage lending remain down on 2007, according to a new report.

The British Bankers' Association (BBA) reveals approvals were 39.4 per cent lower in April than 12 months ago, even though 3,158 more mortgages were approved in April than March.

Stalling house prices, stricter lending criteria and pressure on personal finances have seen a decline in housing demand recently.

However, BBA statistics director David Dooks insists there is some cause for optimism in the new figures.

He says: "Contrary to some reports, the mainstream mortgage market has not ground to a halt."

He cites "active" remortgaging figures as homeowners increasingly change lenders to secure better deals.

Earlier this month, Paragon Mortgages also noted a rise in remortgaging among buy-to-let property investors.

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