Mortgage Lending Levels hit highest level since January

According to the latest Bank of England lending report, mortgage approvals rose again in October to 29,358 and the number of loans for property purchases went up to 52,982.

The total value of the loans increased slightly from £12 billion to £12.1 billion.

Remortgage approvals also increased to 29,358, significantly above the previous six-month average of 27,602, and new house purchases and remortgage levels increased for the third consecutive month.

What does this mean for the market place? Typically January sees a lot of activity for a variety of reasons and the remortgage market sees a comparative spike compared with other months of the year. It is therefore seen as a ‘peak’ month in the mortgage market. The market has also experienced a lull over the Olympic period which has probably filtered through during the months afterwards. Although this is likely the situation, it is still  a positive sign as the market is moving nevertheless.

To find out how you can benefit from reviewing your mortgage – or if you are looking to purchase a home, contact the team at Harvey Bowes on 029 2115 6918

Your home is at risk if you do not keep up repayments on your mortgage

About harveybowes
Mortgage Broker and founding Director of Harvey Bowes Limited. A mortgage broking practice with bases in Cardiff & Poole, UK. We take a fresh and positive approach to mortgage broking which pays dividends for both our clients and frankly, ourselves. The team at Harvey Bowes are expert advisors in all aspects of mortgages from residential to commercial and buy to let.

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