Mortgage Approvals at 2 Year High
There are many rumours that the mortgage market is currently stagnant, and whilst there may have been areas where sales and growth may have slowed there are also others which buck this trend.
One of the most important factors that contributes to a healthy mortgage market is an increase in sensible mortgage lending and it would appear that the ‘post-Brexit slowdown’ is coming to an end.
Results for April showed that British banks approved the greatest number of mortgages since the month of February 2017. In terms of figures, April saw just under 43,000 mortgage approvals, around 2,500 more than the previous months. In comparison to the same time a year previous, these numbers are around 11.5% higher.
Throughout the month of April, the amount of mortgage lending rose to 1.795 billion pounds whilst the month previous was slightly higher at 2.440 billion pounds, the largest rise in 15 months!
Despite the original March Brexit deadline slowdown, it is apparent that consumer spending has remained consistent which has encouraged economic growth despite many businesses cutting back on spending in light of a looming Brexit.
So, if you’re thinking of getting on the housing ladder, or you’re looking to move and you’d like some mortgage advice then we can help here at Online Mortgage Calculators. Our specialist and highly qualified Mortgage Advisers can assist you with how much you can look to borrow, what the best deals are on the market and ensure that those recommended are tailored to your circumstances. Why not give us a call and speak to an Adviser on 03333 44 85 11 or email firstname.lastname@example.org