There’s been much speculation about the mortgage market and how the rise in the Bank of England’s Base Rate would affect the mortgage market.
Although there has been rises and falls in approvals and application over the course of the year, the mortgage approvals for August have proved to have gone up. Compared to the previous month, statistics show an increase of 2.7% however year-on-year there has been a decline of 0.7%.
August saw more than 66,500 approvals of which there was an increase in the amount of small deposit borrowers (those with less than 40% deposit) whilst the amount of large deposit borrowers fell from 33.8% to 32.5%.
London buyers were the applicants with the highest deposits whilst Yorkshire took the top spot for smaller deposits.
It’s no surprise that the historically low mortgage rates are tempting all buyers irrespective of deposit size and lenders are happy to welcome mortgagees with tempting offers.
If you’re thinking about remortgaging or moving house then getting the right deal can save though thousands of pounds. Speaking to a qualified mortgage adviser can provide you with access to mortgage deals that you wouldn’t necessarily find on the high street. Give the team a call today to arrange an appointment or complete the form below and we’ll get back to you as soon as we can.