Total mortgage approvals highest since Feb 17

Last month, total mortgage approvals were the highest since February 2017.

44,034 mortgages were approved in April 2019 according to trade reports.

This figure is also up year on year. 40,600 mortgages were approved in April 2018 which was a jump of 8.6 per cent.

In addition, remortgage approvals were also up at 2.2 per cent. Approvals for other secured borrowing were also up by 0.8 per cent.

What do these approval rates mean?

There has obviously been a large amount of uncertainty with Brexit over the last year. Most have expected buying to slow and approvals to lower. These figures prove that this is obviously not the case.

If you were looking to take out a mortgage but were uncertain if you would gain approval from a lender, now may be a good time to try. This figures may not be a guarantee that you would get a mortgage, but it is proof that lenders are not as cautious as some once thought.

Lenders cut rates on some deals

This isn’t the only positive news within the mortgage market. Several lenders have just announced interest rate cuts to some of their popular mortgage deals.

Accord

Accord have just cut their 75 per cent LTV two-year fix from 1.9 per cent to 1.8 percent. This includes £500 cashback and free property valuations. This deal has a £1,495 fee.

Further to this, Accord have also reduced their 60 per cent LTV three year fix from 2.55 per cent to 2.44 per cent. This deal also has free property valuations and £500 cashback.

TSB

TSB is another lender who has reduced interest rates on some products this month. Their 95 per cent LTV two-year fix has been cut from 2.89 per cent to 2.79 per cent.

In addition, TSB has lowered rates on the 60 per cent LTV two-year fix. This is now at 1.59 per cent, from 1.64 per cent originally.

How will these rates benefit you?

Although these are good rates, we always reiterate that these mortgage deals may not be perfect for you.

Every time we provide mortgage advice we realise that every case is unique. Most people have different income rates and some have debts whilst others do not.

Almost every part of your financial history is taken into account by a mortgage lender when you are looking to apply. This is why it is always advisable to seek advice, rather than use a ‘catch all’ comparison website.

New build homes increase

Along with an increase in mortgage approvals, new build homes are also on the rise. The number of new homes rose to 222,000. The percentage of new build stock compared to existing stock is now at 0.93 per cent. This is actually a 10 year high.

The total number of homes now in England stands at 24.2 million.

Gain free advice

Our initial advice consultations are free of charge. This means you can chat to us in person, or over the phone, and we will see which deals could be available to you.

Our recommended mortgage broker will compare the whole of the mortgage market. This means they should have access to almost every lender, including the deals above.

You can request to talk to someone by using the form below. We will aim to get back to you within 24 hours.