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PPI Claim News - 2/3/2010

Loan Insurance: Home loans drop despite rising consumer credit

The number of approved home loans has dropped despite a rise in consumer credit, figures from the Bank of England show.

In it's latest Lending to Individuals Report published yesterday (March 1st) it showed that the number of approved mortgages fell by 17 per cent from December 2009 to January this year, while consumer credit increased by £500 million in the same period.

In January a total of 48,198 loan approvals for house purchases were administered compared to a more encouraging 58,223 in the previous month.

The report also showed that the level of approved home loans for remortgaging was also lower than in December and revealed a decline in respective six-month averages.

Commenting on the statistics, Darren Cook, spokesperson for financial advice website MoneyFacts, said that there are a number of factors contributing to the trend.

"With many reverting to very low standard variable rates, there is little or no motivation for individuals to remortgage to another deal and restrictive lending criteria makes higher loan to value products expensive to," he added.

For help making a PPI Claim, Loan claim, PPI reclaim, or a credit card charges claim then call Belmont on 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim form, Loan Claim form, PPI reclaim form or credit card charges form.ADNFCR-2776-ID-19644842-ADNFCR

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