Mortgage approvals up

The number of mortgage approvals has hit its highest level in more than a year. Figures from the British Bankers' Association (BBA) show that 35,235 mortgages were approved during June, up 61 per cent on a year earlier. The 15-month high is a further sign that banks are becoming more willing to lend. The latest lending statistics showed net mortgage lending, which strips out redemptions and repayments, also edged higher. June's figure stands at £2.6 billion a year-on-year increase of 5.1 per cent, taking the total for the first six months of 2009 to £18.1 billion.

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ITN | July 23, 2009

Tags:. .bba. .repayments. .lending. .redemptions. .mortgages