Mortgage rates: Sales soar by £3.4 billion across EVERY region in the UK
MORTGAGE sales increased by £3.4billion in May, up 25.4 per cent on the previous month.
Mortgage rates: Sales soared by £3.4 billion in May
Sales have increased across every region in the UK, according to Equinox Touchstone analysis of the intermediary marketplace.
Buy-to-let figures jumped 26.1 per cent (0.55 billon) to £2.7 billion, with residential up 25.2 per cent (£2.88 billion) to £14.3 billion.
Overall mortgage sales for the month grew to £17.0 billion.
Northern Ireland experienced the largest increase of 36.3 per cent, followed by the North East (30.1 per cent) and London (28.7 per cent).
Mortgage rates: Buy-to-let figures jumped 26.1 per cent
Following weak figures last month, prompted by government intervention to cool buy-to-let property sales and election uncertainty, mortgage sales have rebounded in quite spectacular fashion, hitting a monthly high for 2017 of £17 billion, with every sing
Total mortgage sales growth:
Northern Ireland - 36.3 per cent
North East - 30.1 per cent
London - 28.7 per cent
Scotland - 26.9 per cent
North West - 26.9 per cent
South West - 26.6 per cent
North and Yorkshire - 26.5 per cent
South Coast - 23.7 per cent
Midlands - 21.8 per cent
South East - 21.4 per cent
Wales - 19.9 per cent
John Driscoll, Director at Equinox Touchstone, said: “Following weak figures last month, prompted by government intervention to cool buy-to-let property sales and election uncertainty, mortgage sales have rebounded in quite spectacular fashion, hitting a monthly high for 2017 of £17 billion, with every single region experiencing notable growth.
“The outlook for the market however remains murky as issues such as political uncertainty linger, but we could see this sales boost continue into the summer months.”
The data from Equinox Touchstone, which covers the majority of the intermediated lending market, shows that the average value of a residential mortgage in May was £200,338 (2016: £194,005) and £155,473 for buy-to-let (2016: £160,729).
Getting a mortgage if you’ve got a bad credit rating isn’t easy but there are things you can do to make it more likely you will be approved for a loan.
Mortgage rates: Overall mortgage sales for the month grew to £17.0 billion
While most lenders will require a credit check before granting an application for a mortgage, some black marks they discover on your credit history will carry more weight than others, depending on the amounts of money involved and how long ago it happened.
If you have a chequered credit history, some high street banks may refuse to lend to you, so you could apply to a specialist lender.
These lenders are more likely to accept people with a poor credit rating, but they do tend to charge higher-than-average interest and require larger deposits.