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Number of mortgages approved increased 12% in February

14/04/2010

According to figures from the Council of Mortgage Lenders, the number of mortgages advanced for house purchase increased by 12% in February.

The rise comes after a weak January - which saw a low number of mortgages approved due to `one-off factors such as the effect of the end of the stamp-duty exemption in December 2009 and the severe winter weather.`

The end of the stamp duty holiday in December led to fewer first-time buyers in January, and as a result, their numbers increased quicker than the rest of the market during February - with 12,600 mortgages advanced (worth £1.5bn of mortgage debt), up 13% by number and 15% by value on January`s figures.

A spokesperson for Debt Advisers Direct commented: "It is encouraging to see the number of new mortgages rising.

"However, it is important that anyone thinking of taking on debt of any kind (especially when it`s secured against property) thinks carefully about whether they would still be able to afford the payments they agreed to make if their situation changed - if they suffered a loss in income, for example.

"We would advise anyone who does find themselves struggling with their debt repayments, whether it`s secured debt or unsecured, to contact their creditor(s) and explain their situation. They could also talk to a professional debt adviser to see what help may be available."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according