Why have mortgage approvals hit a two year high?

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 31 August 2019

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

The number of mortgages approvals hit a two-year high in July, according to the Bank of England but approvals for first time buyer mortgages remained flat. We look at why it's happening, the problems for young house seekers, the deals that are out there and how to save for a deposit with the help of mortgage broker Rebecca Robertson, the Director of Evolution Financial Planning and first time buyer Ashley Agwuncha, who is also one third of money saving bloggers the Money Medics.

The charity Samaritans, which offers a listening ear to people in crisis, has entered into a partnership with betting company Paddy Power Betfair - and is being heavily criticised for it. Our reporter Dan Whitworth investigates their relationship. We also hear from John Myers, whose son Ryan had a gambling addiction and took his own life. And from Carolyn Harris, the Labour MP for Swansea East, who is chair of the All Party Parliamentary Group on Gambling Related Harm.

Nationwide has doubled the overdraft rate for some of its customers, and it's likely to be only the beginning of changes brought in by all banks and building societies - all part of what the regulator has described as the biggest overhaul of overdrafts for a generation. The changes are aimed at reducing the high cost of credit for some consumers and making it easier for everyone to compare, and perhaps switch between, different providers. But simpler does not always mean cheaper, as Money Box listener Cathy from Hertfordshire tells us. We also hear from debt campaigner and adviser Sara Williams, who runs the website, Debt Camel.

Presenter: Ruth Alexander Producer: Paul Waters

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to
0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
0:28.3	together by people who know their stuff. So if you want some expertly curated music in your life,
0:35.0	check out BBC Sounds.
0:41.3	BBC Sounds, music, radio, podcasts.
0:47.2	Hello, in June, a big change in overdraft fees was announced by the regulator, which called it the biggest overhaul for a generation. The Financial Conduct Authority said that banks and building
0:51.8	societies would no longer be able to charge fixed daily and
0:55.2	monthly fees or more for overdrafts that are unarranged. The first building society to take action
1:01.1	is nationwide. From November, it'll be charging all customers who use overdrafts the same amount,
1:07.0	but that means some customers will be paying double what they were.
1:15.5	Moneybox listener Cathy from Hertfordshire got in touch to ask us if we could shed any light,
1:17.6	and she's on the line now. Welcome, Cathy.
1:21.1	Tell us what's happening to your overdraft interest rates?
1:26.5	Well, we've got notification and we've got a letter and a leaflet, which basically showed that we were going to be charged for
1:30.4	arranged overdraft from up from 19% to 39%. So it's a doubling of the rate.
1:38.2	And tell us what do you use your arranged overdraft for?
1:43.8	Well, we mostly would have to use it if, for example, one month,
1:48.8	there's some unexpected costs that have arisen.
1:53.1	We have things like school trips or, you know, scout expeditions and things like that,
	...

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