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2nd Consecutive monthly fall in residential property mortgage approvals

2nd Consecutive fall in residential property mortgage approvals

Mortgage approvals for UK residential property

purchases dropped in February

The Bank of England (BoE) has confirmed that residential mortgage lending fell for a second successive month in February 2013 reinforcing previously released data from the Council of Mortgage Lenders (CML) and the British Bankers Association (BBA).

The Bank of England figures show that 51,653 residential property mortgages were approved in February, the lowest number since September 2012.

The overall figure was down on the Bank’s revised figure of 54,187 mortgage approvals expected for January, and the amount of mortgage approvals for the purchase of residential properties were less than was originally predicted for February.

Economists had forecast a fall in mortgage approvals, down to 53,700, according to a panel of estimates by Bloomberg. However, the Bank of England have said that remortgage lending in February had increased by 3.8% to 26,771.

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Adjustable Mortgages – A wrong option for commoners is perfect for US Billionaire Mark Zuckerberg!

Ajustable Mortgages - Best Rates For High Net Worth Borrowers

Ajustable Mortgages – Best Rates For High Net Worth Borrowers

According to the recent news reported by Bloomberg, Mark Zuckerberg successfully managed to refinance his mortgage with First Republic Bank in the U.S earlier this year. The Facebook founder refinanced a $5.95 Million (USD) mortgage on his home with a term of 30-years adjustable-rate loan, starting at 1.05% rate.

It is definitely a perk for Billionaire Zuckerberg, as he scored an adjustable-rate loan that started with a 1.05% rate in May.

This year the lending rate has reached a record low. The borrowing cost is comparatively lower for big shots like Zuckerberg. According to the latest report from the US Labor Department, it estimates a 1.7% inflation rate till May 2013. Although it is considered to be a modest rate, it can still pinch pockets as the US dollar is losing value much faster.

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