Mortgage approvals reach new height

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Mortgage approvals to home buyers climbed to a 10-month high in November in a further sign that a multibillion-pound scheme to boost lending is having an impact.

Bank of England figures published yesterday revealed that 54,036 house purchases were approved during the month worth £8.1bn – the most since last January.

These latest figures add to evidence that a Government initiative to encourage banks to lend to both households and businesses by giving lenders access to cheap finance is working.

The number of mortgages on the market has significantly increased since the scheme began last August and lenders have also significantly slashed the rates being charged.

Yesterday, the Bank published its latest survey of lenders, which showed that mortgage availability rose significantly in the last three months of 2012, setting a new high since the research began in 2007.

Banks and building societies also said they plan to increase their mortgage ranges for borrowers with smaller deposits.