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Interest rate cuts `were not anticipated by consumers` Nearly half of young mortgage holders `need help from family` Abbey cuts mortgage rates New arrears guidance issued by CML Mortgage fraud `on the up` CML expresses concerns over sale and lease back schemes Business groups call for further rate cuts Interest rate cut `will help some struggling borrowers` Mortgage approvals `hit by continued market uncertainty` Company reduces rate of home loans Mortgage rates `to rise` Consumers `will be hit by reduced credit` `Nearly £20k` needed to secure a mortgage Borrowers urged to take advantage of good mortgage deals Mortgage lending falls in August Variable-rate mortgages `increasingly appealing to homeowners` Parents `relying on loans to cover school fees` Further mortgage rate cuts announced Remortgaging `on the rise` Mortgage lenders call for swap plan renewal

Mortgage approvals hit new monthly low

03/06/2008

The slowdown in the property market has continued after new figures from the Bank of England revealed a further fall in the number of mortgages approved for home buying.

During April, 58,000 loans were approved for people wishing to buy a new home, the lowest figure since the Bank began collecting data over 15 years ago.

March`s previous record low of 64,000 was also revised by the Bank down to 63,000.

The overall value of mortgages approved over the month was £23.8 billion - below the average £26.1 billion lent in the previous six months.

Commenting on the figures David Kuo, head of personal finance at Fool, said: "The drop is not unexpected given that lenders have been exploiting the Bank of England`s three interest rate cuts this year to beef up their own balance sheets."

He added that the figures are "a wake-up call for homeowners" who were hoping to put their properties on the market this year.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according