Find the best mortgage deals fast. Approvals hit a 2 year high.
Lenders approval of the best mortgage deals hit a two year high in January, according to the British Bankers Association.
The number of approvals in January reached 38,092 which was a 34 per cent increase on the 28,539 mortgages approved in January 2011. The figures mirror house-builders comments on a new year sales revival.
At Deal Direct we feel a contributing factor for this increase was the number of young first-time buyers who rushed to fix one of the best mortgage deals on offer, prior to the end of the stamp duty holiday in March. The Council of Mortgage Lenders estimates that young first-time buyer rushing to buy, accounted for around 10 per cent of the increase in mortgage lending in January.
The National Association of Estate Agents are in agreement with the CML. They advise that overall, the percentage of property purchased by first-time buyers in January this year rose to 23 per cent. This was up from 21 per cent in December last year and was the third month in a row which showed an increase in such property sales.
For those first-time buyers still looking to fix a deal, time is running out. You will need to make your purchase before 24 March in order to benefit from the stamp duty holiday on property up to a value of £250,000. We at Deal Direct can help, we are familiar with the different mortgage providers lending criteria and are best placed to source you one of the best mortgage deals currently available.
