Residential Mortgage Lending Increases In March 2022

According to figures published by the Bank of England, the amount of net borrowing for residential mortgages in the UK was £7.0 billion in March 2022. This was a big increase when compared with the figure for February 2022 when the figure was £4.6 billion.

Gross lending also increased from £26 billion in February 2022 to £26.5 billion in March 2022. This is only a modest increase.

Gross repayments dropped from £21 billion in February 2022 to £19.7 billion in March 2022.

The number of mortgage approvals in February 2022 was 71,000 compared to 70,700 in March 2022 – a modest reduction.

Remortgage approvals increased to 48,800 in March 2022.

We are sure that you will agree it is going to be very interesting to view the figures that will be produced in due course since March 2022 in view of the large increase that we have seen in inflation. Presumably, people will be watching their finances very carefully and so it will be interesting to see what happens within the residential mortgage market. For instance, will we see fewer people moving home and will we see a lot more people apply for remortgages as they try to contain their mortgage repayments?

There is no doubt that these are concerning times for the UK economy with interest rates forecast to rise even further putting more pressure on families and businesses that are borrowing. On the plus side, savers may earn more interest on their savings.

If you are considering moving house and need a mortgage or remaining in your existing property and looking into remortgaging then you may wish to get some independent advise from a mortgage broker who has an extensive panel of lenders available to choose from. After all, there are numerous lenders in the UK. However, if you are looking into commercial finance then why not get in touch with us today to discuss your requirements without any obligation.

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