Mortgage approval at 10 month high
THE number of mortgage approvals jumped to a 10-month high last month amid wider signs of “broad confidence” in the economy, banks reported.
Couple with key to their new house
Some 42,116 mortgages for house purchase with a total value of £7billion got the green light, marking the highest number seen since June 2014, British Bankers’ Association figures reveal.
There was also evidence that business lending may have reached a “turning point”, the report said.
Borrowers are taking advantage of record-low mortgage rates and the signs are that these will continue to be competitive.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “Borrowers are taking advantage of record-low mortgage rates and the signs are that these will continue to be competitive.
“When a record-breaking mortgage rate is pulled, it is soon replaced by an even lower one as lenders compete.”