Against the odds?!
Despite a number of uncertainties surrounding the mortgage market and a number of predictions that transactions will stagnate, we Brits are still finding ways to purchase properties and remortgage our existing properties in growing numbers. This is increasing the mortgage lending in UK.
In April, the total number of mortgage approvals were at their highest level since February 2017 with 44,034 mortgages being approved, according to UK Finance. This figure also shows an increase of 8.6% year on year when 40,600 mortgages were approved in April 2018.
The rise in approvals can be seen across much of the mortgage market – approvals for home purchases were up 8.6% annually, remortgage approvals were up 2.2% annually and approvals for other secured borrowing was up by 0.8%.
So, whether you or your loved ones are looking to purchase your first home, move out of or remortgage your existing home, there are a whole host of options available to you, and seeking professional advice can prove invaluable.
Bank of England figures have also shown that mortgage lending rose by nearly 5% between March and April to reach a whopping £4.3 billion so lenders still clearly have an appetite to lend and want to help you and your loved ones get the home of your dreams.
The increase in April followed a steep rise from the previous month too, lending jumped by 24 per cent from February to £4.1bn in March.
With lenders lending more and approving more mortgages, accompanied by the fact that average fixed-rate mortgage rates have almost halved since the financial crisis, according to Moneyfacts, now could be the perfect time to explore your options and seek professional advice.
If you’d like to discuss the options available to you, contact Guild Mortgage Services today.