Mortgage approvals dipped slightly by 1.8 per cent in January, compared to the “bumper” December, E.surv’s latest Mortgage Monitor has found.
According to the data, there were 66,002 residential mortgages approved during the first month of the decade, down from December’s figure of 66,253.
Small deposit borrowers increased their market share from 25.5 per cent to 26.7 per cent, amounting to 17,623 approvals.
Customers with large deposits decreased their share from 27.3 per cent to 25.5 per cent, suggesting a growth in mid-market borrowers. In total 47.8 per cent of mortgages went to mid-market customers, higher than the 47.2 per cent in December.
Richard Sexton (pictured), director at E.surv, said: “While the market fell slightly following the December bump, rumours of a Bank of England base rate cut appear to have had little appreciable impact on the mortgage market, with a strong performance among several key buyer groups in January.
“Existing homeowners benefited from low remortgage rates and were persuaded to switch to a new deal, while new buyers also swooped to seal low interest rates for their first purchase.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
