Mortgage approvals remain unchanged in September, Bank of England figures reveal

November 1st, 2018

The Bank of England has revealed mortgage approvals have remained steady throughout September.

Figures from the Money and Credit report also shows the annual lending growth rate is unchanged at 3.2 per cent. It has been around 3 per cent since late 2016.

The number of house purchase approvals was only very slightly down at 65,000, showing buyers are still keen to invest in the property market.

Meanwhile £3.9billion was borrowed by households last month up from £3.1billion in August.

Managing Director of Visionary Finance, Hiten Ganatra, has welcomed the news despite a difficult period of economical uncertainty as the Prime Minister continues to negotiate a Brexit deal.

He said: “It shows real promise that mortgage lending volumes are continuing to rise while negotiations are still ongoing with the European Union.

“But choosing the right mortgage can seem like a daunting task with so many options available. This is where my team at Visionary Finance come in.

“We can offer honest and impartial advice focused around your unique circumstances.”

With the mortgage market continuing to perform strongly, now is as good a time as any to make the first move towards getting your dream mortgage as a first-time buyer.

If you’re already on the property market and looking to find a better deal, remortgage approvals have risen to 53,125 in August – the highest seen since November 2017.

Call our experience advisers in London today on 0207 100 4754 or 01908 465 100 for our Milton Keynes office.