Business news in brief: Mortgage approvals continue to slide as lending tumbles to ten-year low

THE number of mortgage approvals fell for the third consecutive month in August and gross mortgage lending slipped to a ten-year low, according to the British Bankers' Association and the Council of Mortgage Lenders.

Mortgage lending as a whole fell by 14 per cent compared with July and was 6 per cent down from the same month last year. The number of home loans to housebuyers was at its lowest since April last year.

CML's chief economist Bob Pannell said: "We face a difficult second half of the year. However, the Bank of England is likely to keep interest rates at record lows for longer to support the economy, alleviating payment pressures for many borrowers."

Don't invite break-ins

CHURCHILL home insurance has warned householders not to advertise their whereabouts to thieves on social networking sites.

Britons have been updating their Facebook status and tweeting their every move for several years. Now you can share your exact location with your friends using Facebook's new Places application.

Churchill warns this could drive an increase in house break-ins.

Almost one in five households has had family heirlooms stolen while they were away from their home.

Home loan rates cut

BARCLAYS has cut fixed and tracker mortgage rates by up to 0.34 per cent. The bank's loyalty lifetime tracker now charges 1.98 per cent above the base rate, currently 2.48 per cent. The bank lowered its five-year fixed rate to 4.49 per cent, or 4.29 per cent for the loyalty rate.

Barclays' rates for new customers start at 3.15 per cent fixed for two years. All mortgages are available with a 30 per cent deposit.

Santander launched a four-year fix at 4.75 per cent for existing customers moving home. The loyalty mortgage has a reduced booking fee of 495 and requires a 25 per cent deposit. The product is available to customers through Santander and Alliance & Leicester branches.

Meanwhile, Nationwide has reduced fees on a range of fixed products for remortgagers. The fee-friendly two, three and five-year deals charge a 99 booking fee and have no product, standard valuation and standard legal fees. The range includes a three-year fix at 4.09 per cent with a 30 per cent deposit.

Elsewhere, the Co-operative Bank and Britannia have launched a two-year fixed-rate mortgage at 5.09 per cent that requires a 10 per cent deposit. The deal, aimed at supporting first-time buyers, charges a 999 fee.

New Halifax cash Isa

HALIFAX has launched a cash Isa paying 2.8 per cent tax-free. Halifax current account holders will receive an additional 0.2 per cent in interest.

Premier account

THE Co-operative Bank is offering complimentary access to its Privilege and Privilege Premier packaged current accounts for a 12-month period. Those who switch will save up to 114 on subscription fees and access to a range of benefits including travel insurance. Access to the offer requires a monthly deposit of 800.