The number of loans secured on dwellings, seasonally adjusted, increased from 56,088 in February to 58,905 in March. The biggest rise was in remortgage approvals, which jumped 12%. By contrast, approvals for mortgages for house purchase rose 2%.
Average loan size also increased for the third consecutive month, to £152,500.
Edinburgh Mortgage Advice director Mark Dyason said: “It’s no surprise that mortgage approvals picked up in March. There is much more momentum in the market.
“Instrumental to this recovery is the first-time buyer, who has been buoyed by very competitive rates at ever higher LTVs.
“Like supply, demand is also picking up. Whatever stories of economic gloom there are, people are realising that life must go on and they are finally committing to transactions that last year they would have hesitated over.”
Loans approved for house purchase totalled £4,751m in March, while remortgages reached £2,565m and other loans secured on dwellings £292m.
