UK Mortgage approvals up year on year
Positive figures were released today by chartered surveyors e.surv who found that mortgage approvals in the UK were up by 4% compared to March 2018.
These figures follow a firm start to the year with approved applications in February also rising very strongly to a figure of 66,465.
What does this mean for consumers?
While there is a degree of relative uncertainty in the UK property market, lenders are encouraging buyers by offering increasingly competitive rates. For those that are in a financial position to be able to borrow, it would seem a perfect time to take full advantage of this window of opportunity to secure a preferable rate. Whether you are an investor looking to source a buy-to-let mortgage, a home owner looking to remortgage or a first time buyer, it could work to your advantage so make sure you take the time to scour the market for the best possible deals, better yet, let a broker do the leg work for you!
Richard Sexton, a Director of e.surv Chartered Surveyors, comments:
"Existing homeowners are able to lock into cheap fixed rate deals while first-time buyers are being helped by more generous criteria being offered by banks and building societies."
“Raising a deposit remains a challenge for young borrowers, but there are more products being launched which are targeting those with little cash to spare.”
The recent report by e.surv also found a somewhat unexpected shift in the market towards mid-market borrowers. The trend has been evident over recent months and is now expected to continue. The findings show a reduction in the proportion of mortgages being taken out by those with large deposits and also those with small deposits.
Evidence would suggest this shift is being driven by the growing number of attractive re-mortgaging products on the market which are proving to be popular amongst everyday borrowers - the mid market borrowers.
If you would like to speak to one of our trusted mortgage experts, do get in touch and we will happily make the introduction. Do also take a look at our mortgage calculator that will be useful in understanding whether a mortgage is going to be a viable option for you.