January sees growth in mortgage approvals

Recent data has revealed an uplift in mortgage approvals during the first month of 2018.

According to the latest figures from Bank of England Money and Credit figures, mortgages approved for house purchases rose to 67,478 in January whilst those approved for remortgaging grew to 49,242.

The figures follows the decline observed in the previous month, with the total house purchase approvals fell to their lowest point since January 2015.

On a yearly basis, growth in secured lending remained relatively unchanged at 3.3%. Net lending stood at a total of £3.4 billion.

Commenting on the figures was Steve Seal. The director of sale and marketing at Bluestone Mortgages stated:

“With low interest rates and a variety of Government schemes available to help first-time buyers onto the property ladder, consumer appetite remains strong, as evidenced by recent lending figures.

“The problem, however, is that many people are still struggling to get access to mortgages. Contractors, the self-employed, and those with adverse credit histories do not always fit traditional lending criteria and are often ruled out by automatic credit scoring. With self-employed workers making up nearly 15% of the UK workforce, this is hugely unfair. These customers are most in need of a personalised underwriting experience and it is therefore the responsibility of lenders and brokers to ensure these customers are rightfully served.”

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