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 Banks explain how they determine mortgage interest rates

The British Bankers Association (BBA) has set out the factors influencing the cost of mortgages which include customers’ deposits, wholesale money markets, the Bank of England base rate and regulatory reform.
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 Mortgage market remains subdued

Annual growth of the banks’ net mortgage lending was 1.5% in excess of the growth of 0.6% in September for overall mortgage lending, the British Bankers Association said.
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 Lending figures show a lack of confidence

Demand for new mortgages remains low despite more properties on the market and falling house prices according to the latest figures from the British Bankers Association (BBA).
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 Mortgage demand remains weak

The annual growth in the banks’ net mortgage lending is 4.1%, substantially ahead of the 1.0% for the whole mortgage market in July, but demand remains weak.
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Mortgage lending rose slightly in March but borrowers continued to pay off loans and overdrafts, the British Bankers Association reports.

Mortgage lending in January was relatively weak, showing a reaction to the inflated December market and the adverse weather conditions which impacted on activity.

Mortgage lending strengthened slightly in December, with gross lending inflated by some borrowers pushing through purchases ahead of the end of stamp duty relief.

New mortgage lending and house purchase approvals increased slightly as mortgage lending continued to grow from the low levels at the end of 2008, the British Bankers Association (BBA) has said.


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