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Loan claim: Mortgage approvals fall

New statistics from the Bank of England show that the number of mortgages approved fell in February.

Only 51,653 were granted during the month, which is the lowest number of approvals since September last year. This is down from results in January when 54,187 mortgages were approved, where figures had declined from December’s results.

February’s results were also below the six month average of 52,395.

This decline in results indicates that the Funding for Lending Scheme has not helped enough to encourage people to take out mortgages. However, chancellor George Osborne said the scheme from the Bank of England could be revised if necessary.

It is hoped that the new Help to Buy Scheme, which Mr Osborne revealed in the Budget, will help to raise the amount of mortgage lending in the UK and give the property market a boost.

Mr Osborne has said that £3.5 billion will go into the Help to Buy scheme.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801565217-ADNFCR

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