UK mortgage demand lower

The number of mortgages approved in March fell by 8 per cent compared to the same month a year ago according to the British Bankers' Association. This is even when the average mortgage taken out this year was 12 per cent higher than in March 2006. Overall, there were 198,000 mortgages approved for all purposes in March, representing £22.3 billion. Net lending rose by £5.1 billion during the month. Economists say that a total interest rate rise of 0.75 percentage points over the past nine months is finally forcing borrowers to change their behaviour. Talk to your mortgage broker for more information before buying a home or condo.


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