New mortgages fell to 14-month low in September

By Natasha Adamson

The number of first time buyers and home-movers who had their mortgage application approved dropped to a 14-month low in September.

The 61,267 new mortgage approvals last month was the lowest number since August 2013. It is thought that the tightening of lending criteria in April, together with fears of an imminent interest rate increase have combined to temporarily dampen the mortgage market, but it is anticipated that new loan levels will soon increase again. Lenders have been cutting their rates to attract new customers, and the talk of an interest rate increase has cooled, and now looks like it won't happen until the first or second quarter of 2015.

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