An increase in interest rates would not have an affect on mortgage approvals, an expert has said.Catherine Hearnden, director of independent financial advice website MyMortgageDirect, claims that demand may be affected because people may panic.She said: "I don't think it would make any difference to the approvals, but I think it would affect the demand because people would panic initially."That is more because of how it will be reported and not because it will actually make a huge difference."Ms Hearnden added that the margins on tracker rates have in fact come down in reality.Her comments follow a report published by the Bank of England on February 1st.It revealed that the number of loan approvals for house purchases fell in December 2010 and was lower than the previous six-month average. Remortgage approvals also fell in December, totalling 30,595, but were higher than the previous six month average of 29,362.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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