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

Mortgage approvals and lending fall

0
Written by:
01/05/2019
The total lending value and number of mortgages approved for purchases dropped in March, according to figures from the Bank of England.

The central bank reported that purchase approvals dropped by around 3,000 in the month to 62,300, although this was marginally offset by a slight increase in the number of approvals for remortgages, from 49,289 to 49,713.

However, new gross lending dipped to £21.6bn in the month, down from £22.6bn in February, and also down from £22bn in March 2018.

Remortgaging pushes market

Jonathan Harris, director of Anderson Harris, argued that Brexit uncertainty was clearly still having an impact on people’s property decisions.

He continued: “That said, mortgage lending picked up in March compared with February as some people got on with buying and selling their homes regardless. Much of the activity was down to remortgaging as borrowers locked into some of the competitive fixes currently available to protect themselves from potential future uncertainty.”

Richard Pike, director of sales and marketing at Phoebus Software, said the Bank of England figures were a “mixed picture”, but suggested that there will come a time when Brexit-related caution is thrown to the wind and people push on regardless.

“Then we’ll see how well the housing market copes with demand. That being said, it would be a very brave person that would put their hat in the ring with concrete predictions for the coming months,” he added.

Nick Chadbourne, chief executive of LMS, suggested that April will likely be a strong month for completions, though new enquiries may tail-off.

“However, as we move into summer, both are likely to build again, delivering a surge in demand for mortgage brokers, lenders, and conveyancers,” he continued.

 

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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

  • RT @Defaqto: Will your home insurance leave you out in the cold? 🤔 Only a fifth of home contents insurance policies, and a quarter of home…
  • RT @Defaqto: Will your home insurance leave you out in the cold? 🤔 Only a fifth of home contents insurance policies, and a quarter of home…
  • Will your home insurance leave you out in the cold? 🤔 Only a fifth of home contents insurance policies, and a quar… https://t.co/36dfADXYr4

Read previous post:
income drawdown
Savers avoid raiding pension pots ahead of Brexit

More savers are withdrawing cash from their private pensions, but average withdrawals have fallen suggesting retirees aren’t raiding their retirement...

Close