Mortgages approvals are up.
The number of mortgages approved by UK lenders climbed from 49,029 in February to 49,860 in March, according to figures released by the central bank. This increase has confounded many analysts who predicted a fall to 48,000.
Remortgaging approvals also increased for March at 29,511, however this figure was down on the previous 6 month average.
Mortgage market experts had expected approval levels to drop once the first-time property buyer stamp duty exemption expired at the end of March.
However despite the increase in March, the number of mortgages approved is significantly behind the pre-credit crisis level of 90,000 and is a long way short of the 6 month average previously recorded of 53,103.
Adrian Coles, the Director-General of the BSA commented saying that gross mortgage lending by mutuals has been strong throughout the first quarter of 2012. He added that increased lending for March could perhaps be attributed to first-time buyers rushing to get a deal prior to the end of stamp duty holiday on 24 March.
While the RICS report new buyer enquiries were up in March, the fact remains mortgage lending criteria and conditions continue to be tightened.
Deal Direct understand the difficulty faced by those looking to purchase property or remortgage. Acceptance for a deal is getting more difficult and therefore we recommend that those searching the market for a competitive offer, enlist the services of one of our highly skilled qualified brokers.
We make it our business to keep abreast of lenders criteria changes and rates.
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