Mortgage borrowing up £4.1bn month-on-month

Published on

Mortgage market activity picked up in March, following a weak February, according to latest mortgage approvals data from the Bank of England.

Households borrowed an extra £4.1 billion secured against property in March, compared to £3.3 billion in the previous month.

The annual growth rate of mortgage lending was 3.3%. It has been around 3% since the beginning of 2016, and remains modest compared to the pre-crisis period.

Mortgage approvals for house purchase, which give an indication of future mortgage lending, fell to 62,300.

Remortgage lending in March was £8.9 billion, up from £8.8 billion in February.

The total number of remortgages in March was 49,713, up from 49,289 in February.

Nick Chadbourne, CEO at LMS, said: “Remortgaging activity remains around the six-month average of £8.8 billion as we see low interest rates continue to attract borrowers to long-term fixes when their current deal expires. As a result many home-owners are also choosing to stay put rather than move in a subdued property market.

“April will likely be a strong month for completions, but new enquiries are expected to tail-off. However, as we move into summer, both are likely to build again, delivering a surge in demand for mortgage brokers, lenders, and conveyancers.

“It’s therefore vital that everyone involved in the application process has the tools they need to deliver a quality service. Even more important, though, is the need for collaboration and understanding between people at various stages of a remortgage.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

The Coventry cuts limited company buy-to-let rates for brokers

Coventry for intermediaries has reduced selected limited company buy-to-let rates by up to 20...

Paragon Bank introduces limited edition 60% LTV buy-to-let products

Paragon Bank has expanded its buy-to-let range with a new tranche of 60% loan-to-value...

TwentyCi hires Nick Huntley to lead sales at TwentyEA and TwentyConvey

TwentyCi has appointed Nick Huntley as sales director for TwentyEA and TwentyConvey as the...

HSBC cuts mortgage rates by up to 34bps across core ranges

HSBC UK has reduced mortgage rates across its product range, with cuts of up...

Atom bank reduces prime mortgage rates by up to 25bps

Atom bank has cut rates across its prime mortgage range by as much as...

Latest publication

Other news

The Coventry cuts limited company buy-to-let rates for brokers

Coventry for intermediaries has reduced selected limited company buy-to-let rates by up to 20...

Paragon Bank introduces limited edition 60% LTV buy-to-let products

Paragon Bank has expanded its buy-to-let range with a new tranche of 60% loan-to-value...

TwentyCi hires Nick Huntley to lead sales at TwentyEA and TwentyConvey

TwentyCi has appointed Nick Huntley as sales director for TwentyEA and TwentyConvey as the...