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Demand for home loans hit by rising mortgage interest rates Larry Elliott

High house prices and rising interest rates put the brakes on demand for mortgages from Britain's high-street banks, according to figures released yesterday.

Data from the British Bankers Association showed that almost 65,000 loans for house purchases were approved last month, down from just over 75,000 in March and 1% higher than in April 2006.
The BBA said net mortgage lending by its members fell from £5.1bn to £5bn in April and was down on the £5.4bn average of the past six months.

Source: http://money.guardian.co.uk/news_/story/0,,2091132,00.html

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.A fee between 0% and 10% of the loan may be charged on some plans depending on credit history and ability to prove income.Example: Loan of £15,000: 120 monthly repayments of£204.66, 10.4%APR variable. Loans secured on residential property.