New mortgages lowest since 1993

The BBA (British Bankers Association) has announced that only 58,000 mortgages were approved in April – this is 8% fewer than in March this year and down a whopping 39.4% on April 2007.

There has however been a small rise in people who are remortgaging their properties. This is due to the number of borrowers coming to the end of their current fixed rate deals and looking for a new and better deal.

Unfortunately most borrowers do not look around for a better deal, tending to stick with the same lender even when their repayments are going up.

At this time of the credit crunch when the mortgage market is changing all the time it is wise for borrows to look around for the best deals.