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Resi mortgage approvals flat in July

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  • 19/08/2019
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Resi mortgage approvals flat in July
The number of residential mortgage approvals grew by 0.8 per cent to 65,770 in July 2019 compared to the same month in 2018, E.surv’s Mortgage Monitor showed.

 

The number was one per cent down on June 2019.

Market share among borrowers with loan to value (LTVs) of 60 to 85 per cent was 45.6 per cent, for LTVs of 85 per cent or higher market share was 27.9 per cent, and for LTVs of 60 per cent or lower it was 26.6 per cent.

The group with LTVs at 60 per cent or lower grew market share, up from 24.7 per cent in June, 24.5 per cent in May and 24.3 per cent in April suggesting that low rates are encouraging homeowners to remortgage.

The proportion of completions for LTVs of 85 per cent or higher was flat at 27.9 per cent during July against June and up slightly from 27.7 per cent in May.

The count of completions for LTVs of 85 per cent or higher dropped slightly to 18,350, down from 18,365 in June.

“The market for purchase mortgages remains largely flat,” said Richard Sexton, director at E.surv (pictured).

“Low rates have encouraged many homeowners to remortgage and appear to be tempting some new borrowers into the market,” he added.

The Mortgage Monitor from E.surv analyses mortgage valuation data and uses the trends to extrapolate mortgage approval numbers from the Bank of England’s mortgage data.

 

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