Quarter one sees mortgage approvals continue to fall
The latest figures have revealed that mortgage approvals continued to fall during the first quarter of 2018.
Bank of England Money and Credit data also showed that March house purchase approvals fell to their lowest level since December 2017, dropping from 63,910 to 62,914 month-on-month.
Remaining steady, remortgage approvals saw a modest uplift from 46,611 in February to 46,999 in March.
Commenting on the figures was director of sales and marketing at Bluestone Mortgages, Steve Seal. He said: “With at least one interest rate rise rumoured for the coming months ahead, a slight decrease in loan approvals isn’t surprising, as potential buyers wait to see how the rise takes effect.
“However, many are unfairly blocked from accessing mortgages as outdated views of grouping adverse borrowers together under the same roof remain in force. Customers who have missed one or two payments, due to an unforeseen life bump, are finding their needs unmet within the mainstream sector. These customers, do not deserve to be blocked from affordable finance or grouped with repeat offenders. Specialist lenders must bridge this gap and through assessing a borrower’s affordability on a case-by-case basis, help this growing pool of borrowers secure home ownership.”