Residential Mortgage Figures Look Favourable
Statistics have been produced by the British Bankers’ Association (BBA) that make for interesting reading in respect of residential mortgage lending. Below we cover some of the highlights of the data.
The number of mortgages approved in November 2015 has increased in comparison to the same period last year. There were 44,960 mortgage approvals last month whereas in November 2014 there were 37,407. This is pleasing to see although last month’s approvals were slightly down on October 2015 when 45,463 residential mortgage approvals took place.
The number of mortgages that were approved to buy houses increased by 20% and re-mortgages were 31% more in November 2015 when compared with the same month last year.
November 2015 saw gross residential mortgage lending reach £12.8 billion. This figure is 28% more than 12 months ago. This is a considerable increase.
The above improvements are no doubt due to a number of factors. For instance, there are no doubt some excellent mortgage deals available with some competitive interest rates about. There will possibly be some people that are concerned that interest rates may rise in the coming months and some may have decided to re-mortgage to tie into other mortgage packages such as the likes of fixed rate mortgage products. There may be some people that have been keen to move house during 2015 on the basis that they feel more secure in their jobs and the economic climate.
It will be interesting to see what 2016 brings in terms of any potential change in interest rates and any new mortgage packages that some lenders may decide to introduce in what is a very competitive lending sector. If you are looking for a residential mortgage then you may wish to obtain some professional, independent advice before making a decision as to the most suitable mortgage package to meet your individual requirements. After all, a residential mortgage is usually the largest financial transaction that someone enters into.