Remortgage approvals ‘down in April’

The number of remortgaging approvals was down by 235 in April compared to March, figures from the Bank of England have shown.

A total of 31,800 remortgages were granted during the month, the lowest number of 2009 so far and 9,254 less than the average measured over the previous two quarters.

Secured loan approvals for house purchases were up, however, to 43,201. This is almost 10,000 greater than the six-month average and an improvement of more than 3,000 on March.

Meanwhile, consumer credit and credit card lending both rose in value by £300 million during the 30-day period.

Commenting on the figures, Paul Samter, a Council of Mortgage Lenders economist, stated that house purchase approvals look like being higher in May than in the previous year for the first time since 2007.

However, “limited lending capacity and the impact of further job losses are likely to act as a ceiling for how far the improvement can continue”, he said.

By Chris Trimble