Mortgage Approvals Increase
According to data published by the Building Societies Association (BSA), the number of all mortgages approved here in the UK for March 2019 increased when compared with the same month last year. This is positive news for this lending sector and let us hope that this continues throughout the remainder of 2019 and beyond. It is also good news for those people seeking mortgages.
In March 2019 the total number of mortgages approved here in the UK amounted to 135,217 whereas in March 2018 the figure was 128,761.
The number of mortgages approved for house purchase in March 2019 was 67,911 whereas in March 2018 the figure was 67,004. The number of mortgages approved for remortgaging in March 2019 amounted to 52,119 whereas in March last year the figure was 47,318. The number of mortgages approved under the “other” section in March 2019 amounted to 15,187 whereas in March 2018 the figure was 14,439.
More mortgage approvals obviously indicates increased activity in the housing market which is good news. It is good to see that mortgage lenders are continuing to provide much needed finance to people looking to buy a property or remortgage to another lender presumably to obtain a better deal and/or obtain additional finance perhaps to help fund an extension.
There are numerous lenders that provide residential mortgages, These include the traditional high street banks and building societies as well as many other specialist lenders here in the UK. The more lenders providing such finance can only benefit borrowers as lenders compete against each other to obtain new business perhaps by offering attractive lending schemes.
If you are seeking a mortgage to buy a residential property or are considering remortgaging then you can try and source a competitive deal yourself by speaking to the banks and building societies or you could do your research online. Alternatively, you could get in touch with a mortgage broker who has an extensive panel of lenders that can be chosen from.