Abacus Daily Debt News

Loan acceptance on the rise?

Those looking to take out loans in the future may be buoyed by the news that mortgage lending for November climbed to a two-year high.

Figures from the British Bankers’ Association revealed that homeowner loans rose by 152.3 per cent on the same period a year ago, as well increasing by 0.4 per cent on November 2007 and Katie Tucker of mortgageforce noted that these numbers are "very encouraging".

She observed that lenders have "very strong targets" for the next 12 months and it is likely that the statistics will be "considerably higher" in 2010 as well.

Remarking upon the fact that the value of house purchase loans approved in November reached £6.6 billion, Ms Tucker said that the lack of self-cert and sub-prime lending means that it is unlikely that specialist lending will reach the levels of the summer of 2007.

This, she continued, is "the only barrier we have to reaching 2007 levels".

By Sarah Adie