You are here: Home - Mortgages - First Time Buyer - News -

Mortgage approvals at near one-year high

0
01/03/2017
Mortgage approvals for those buying homes have reached their highest levels since February 2016.

Statistics from the Bank of England show January’s house purchase mortgage approvals rose for the fourth consecutive month to reach 69,928.

While these transaction levels remained 4% lower than January 2016, when 72,754 loans were approved, dropping to 72,278 the following month, activity has been improving steadily since lows of 61,884 and 61,411 seen in July and August respectively last year.

Approvals for remortgaging increased by 13% year-on-year from 41,761 in January 2016 to 47,155 last month, but dropped slightly on December when 47,560 remortgage loans were agreed.

Jeremy Duncombe, director of theLegal & General Mortgage Club, said: “Today’s rise in mortgage approval figures highlights the resilience of the UK housing market. Despite an uncertain political outlook, it is great to see the industry adopting a ‘keep calm and carry on’ approach as the mortgage industry continues to serve the needs of remortgagers and buyers alike.

“With the Bank of England rate at 0.25%, borrowers have a perfect opportunity to take control and find the best deal for them. By reviewing their existing mortgage deal, borrowers have the potential to save themselves a significant sum of money.”

Legal & General figures suggest the average saving from remortgaging could be up to £2,000.

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape for summer, and moving your cash savings to a higher paying deal is ...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Revealed: the psychological tactics investment fraudsters use

Scammers are using ‘advanced psychological tactics’ to trick people into investing in fraudulent schemes.

Close