Mortgage approvals recovering
At the start of 2021 it looks as though mortgage approvals have all but recovered following the forced closure of the housing market in March 2020.
Looking at January to November of last year mortgage approvals were only down 0.9%, compared to the same period the year before.
In November 2020 there were over 100,000 mortgages approved, which is the highest number since the financial crisis in 2008. Lenders have been able to expand the number of mortgages available to first time buyers which has significantly helped boost these figures. The recovery of mortgage approvals has also been fuelled by the stamp duty holiday.
Across the mortgage market there are currently 160 deals available for buyers with a 10%, which is up from a low of 51 in October 2020. However, this is still significantly lower than the number of deals that were available at the start of January 2020 which was around 750.
If you’re looking for more information regarding your next mortgage or remortgage then take a look at our Mortgage Website and arrange a call with one of our advisers to see how we can find the mortgage for you.
Sources: Dataloft Inform, Bank of England and Moneyfacts
Striving to create perfection in an ever growing collection of beautiful properties.David Westgate, Group Chief Executive