Increased mortgage approvals

london-property-fallThe housing market challenged the traditional seasonal slowdown in December whilst the mortgage approvals leaped a two year high, new figures show. The number of loan approvals for house purchase has hit more than 70,000 when compared with the previous six months, according to latest Bank of England data. Wherein, the number of approvals for remortgaging was more than 41,000 which is also up over the previous six months.

Brian Murphy, head of lending at Mortgage Advice Bureau, says: “Existing homeowners were the cause in this growth, with the number of remortgage approvals rising by more than a quarter since December 2014. Borrowers were benefited from low mortgage rates throughout 2015. First-time buyers faced a tough battle, with house prices continuing to rise, affordability remains a concern.”

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