Mortgage lending approvals rise

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Mortgage lending approvals rise

A report this week has shown that mortgage lending approvals are at the highest they’ve been in the last 5 years, figures show a jump from 58,238 mortgages approved in June to 60,624 mortgages approved in August, this is still way below the 90,000 mortgages approved per month up until the financial crisis in 2008.

Since the financial crisis, mortgage lending approvals have been slower to recover from house prices, that have seen a rise in recent months. All in all lending itself has been slow to pick up, and those applying often have some kind of bad credit history, due to the inability to borrow or due to miss management of their debts in the past.

Therefore if you have been one of the many millions of consumers trying to get on the property ladder or re-mortgage your home, the possibility of you being approved for a mortgage is increasing. If you are a homeowner it is also possible that the value of your home maybe increasing, this is welcome news to those homeowners that may have been suffering negative equity

For homeowners looking to carry out home improvements in order to sell their homes, there are secured loans available. Firstly you need to determine whether or not you can afford to repay the loan and what type of loan you may be eligible to apply for, failure to make repayments on secured loans will risk you losing your home. If you have a good credit history then its advised to apply directly with your bank, however if you have a bad credit history, you need to make sure that you only apply with lenders that specialise in loans for bad credit, as otherwise you’re more than likely to be declined which only worsens your credit rating.

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