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Mortgage approvals hit £3.9bn in September – Bank of England

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  • 29/10/2018
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Mortgage approvals hit £3.9bn in September – Bank of England
Mortgage approvals hit £3.9bn in September, following slightly weaker growth in July and August of £3.3bn and £3.1bn respectively, data has shown.

 

The number of mortgages approved for house purchases was broadly unchanged in September, standing at 65,000, according to the latest data released by the Bank of England (BoE).

On the other hand, the number of approvals for remortgaging remains close to its recent peak, although it fell back on the month to 49,000.

The BoE noted that the annual growth rate of mortgage lending was unchanged at 3.2% in September, and has now been around 3% since late 2016.

Kevin Roberts, director of Legal and General Mortgage Club, said that despite the ongoing uncertainty of the Brexit negotiations, the mortgage market continues to perform strongly.

He added: “With so many different options now available to borrowers, around 5,000 products in total, choosing the right mortgage can often be overwhelming.

“This is where a mortgage broker can lend a helping hand to borrowers, whether they are buying their first home or making their next move. Advisers have the extensive knowledge and understanding of the market to help customers find a mortgage that can make their homeownership ambitions a reality.”

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