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

Mortgage lending dips in June

0
Written by:
29/07/2019
Mortgage lending dipped on a monthly and annual basis in June, according to the latest figures from the Bank of England.

The central bank reported that £21.8bn of new mortgage lending was completed last month – down from £22.2bn in May and £21.9bn in June 2018.

However, the total completed in the 12 months to June remained steady at £268bn.

The bank also reported a slight increase in the number of mortgage approvals for house purchase and remortgaging.

Purchase approvals were up by 800 to 66,400 with remortgaging approvals growing to 47,000.

But the bank tempered expectations with this data, adding: “Notwithstanding these small rises, mortgage approvals remained within the narrow ranges seen over the past three years.”

Stability key factor

Tim Waterlow, development director of lifetime mortgage provider Responsible Lending, noted that stability was the underlying trend for June.

“It is clear that people are so used to political uncertainty that the resignation of a prime minister was never going to register,” he said.

“Brexit has not proven to have had a significant impact on the market, and a change of leadership has been noticed about as much as someone stepping off a bus.

“Lenders are still offering good rates, and the incentive is still there to move, grab the first rung on the ladder or lock in rates that are still relatively low by historic standards.”

 

 

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 @STEPSociety: UK Ministry of Justice abandons plan to increase EW probate fees, described by STEP’s Emily Deane TEP as a stealth tax on…
  • RT @STEPSociety: UK Ministry of Justice abandons plan to increase EW probate fees, described by STEP’s Emily Deane TEP as a stealth tax on…
  • RT @STEPSociety: UK Ministry of Justice abandons plan to increase EW probate fees, described by STEP’s Emily Deane TEP as a stealth tax on…

Read previous post:
Self-control biggest concern over credit cards

Controlling spending temptations and unintentionally falling into debt are consumers’ main concerns when it comes to owning a credit card,...

Close