More successful mortgage applications now than one year ago


The number of successful applications in the UK mortgage market has risen markedly since the end of 2016, according to the latest reports released this week. It said that the number of first timers who were approved for a mortgage has also climbed impressively in the last few months.

The data published by the Intermediary Mortgage Lenders Association (IMLA) says that in the first quarter of 2017, the number of applications for mortgages that resulted in a completion rose to 69 per cent. This was an impressive bump when compared to the 48 per cent that was recorded during the final quarter of 2016.

It also shows a rise in the number of first-time buyers who are getting themselves a mortgage. Of those looking for a mortgage for the first time, as many as 67 per cent of applicants were successful in securing the house purchase loan they were trying to obtain.

This also represented a rise from the 48 per cent of successful applications that was recorded during the same period last year, according to the data from the IMLA. There has been a steadily rising trend of first timers being able to get themselves a mortgage for some time now, with the end of the year seeing 53 per cent of all applications being approved.

“First time buyers’ struggles have been highly publicised, with affordability stretched by rising house prices and modest income growth. However, rising levels of mortgage enquiries, applications and completions shows that a significant number of first time buyers are still both willing and able to get a foot on the property ladder,” said Peter Williams, IMLA executive director.

“Low mortgage rates have contributed to this improving outlook for first time mortgage borrowers. However, with the Bank of England reporting that average rates are creeping up on the higher loan to value (LTV) products that buyers with modest deposits rely on, policymakers must continue to do their upmost to support lending to this part of the market,” he added.

 

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117 St George's Terrace
Jesmond, Newcastle
NE2 2DN

0191 212 8100
info@bowsonproperty.co.uk

Monday - Friday09:00 - 17:30
Saturday09:00 - 16:00
SundayClosed