Mortgage approvals up 40% on long-term average

Pandemic property boom drives mortgage approvals up 38% on long-term average, Bank of England data shows Mortgages for new home purchases 38% above 10-year average in February   Approvals dipped slightly compared with January but could surge again following the extension of the stamp duty tax holiday and first-time buyer boosts People borrowed £6.2bn against their … Read more

New mortgage approvals hit a high not seen since financial crisis in 2020

Mortgage approvals for house purchases hit their highest level since the financial crisis last year, as the stamp duty holiday and socialising restrictions kept buyers engaged with their search for a new home.  There were a total of 103,400 approvals for new mortgages in December 2020, bringing the total for 2020 up to 818,500, according … Read more

Mortgage approvals rise closer to pre-Covid levels

The number of mortgages handed out to homebuyers soared by 40% last month to near pre-covid levels as the housing market continues its recovery from the coronavirus pandemic. Mortgages approvals for house purchase reached 66,300 in July, up 40 per cent from 39,900 in June and just below the 67,300 recorded in July 2019, the latest … Read more

Mortgage approvals tumble to record low in May

Mortgage approvals tumble to record low as lenders axe deals amid fears house prices will collapse Just some 9,300 mortgages to buy homes were handed out in May That’s down from around 15,800 in April and 90% below the February level Mortgage approvals are a third lower than the worst month of the financial crisis  … Read more

Credit card approvals will fall and interest-free terms will shrink

Banks will increasingly tighten lending criteria over the next three months, approvals for credit cards and loans will fall and interest-free term lengths will shrink, banking giants and building societies predict. The Bank of England’s latest credit conditions survey revealed lenders by a large margin believe the availability of unsecured credit for households will decrease … Read more

Mortgage approvals hit their highest level in four years as housing market bounce continues

Property market bouncing back as mortgage approvals hit highest levels in four years – but experts warn loan rates could start creeping up Mortgage approvals up 4.4 per cent in January to highest level in four years  Remortgage approvals also rose by 3.9 per cent in the first month of the year But experts warn lenders … Read more