The housing market is still thriving however the rate of applications for mortgage has been up and down recently. According to the latest figures, the rate of mortgage approvals has shown that April was a strong month and is up in terms of year-on-year figures. Although the rate approval rate was up, this was mainly down to re-mortgages rather than first-time buyers however, the overall approval rate was up by 30% on the previous year. It was good news for the mortgage market as the previous month of March has shown that the amount of mortgage approvals ...
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It is a question often asked, ‘why are mortgage rates rising?’ and the answer is really a simple one. The economy has almost fully recovered since the recession almost 10 years ago, unemployment which once stood at 10 million is now under 4 million and house prices are also rising. Looking after the country’s economy is a skilled process and therefore, once an economic recovery is evidenced, the Bank of England will assess just by how much and how quickly rates can rise again. It was once thought that rates being lower than 5% wouldn’t be seen but ...
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