BBA reports a weak September

The British Bankers’ Association (BBA) has warned that borrowing rates were weak across the UK throughout September. According to the BBA, gross mortgage lending was 3% higher last month than in September of last year, but on the same comparative basis there were 12.1% fewer mortgage deals approved this year than last. David Dooks, BBA director of statistics, said: “Lower amounts of new mortgage lending and fewer loans approved for house purchase signal a weaker outlook for the mortgage market, particularly if loan supply reduces in the aftermath of the recent financial markets difficulties and borrowing costs remain at current levels.”