Rise in Mortgage Approvals Spurred On By “Bargain Basement” Prices

Time may be running out for borrowers to gain a mortgage at a record low price before interest rates rise. “Mortgage approvals continued to climb in July, with the number of approvals for remortgage in particular seeing a significant annual increase. Bargain basement mortgage rates are attracting borrowers in their droves, and many are keen to lock into record low pricing before interest rates rise,” said Brian Murphy, head of lending at Mortgage Advice Bureau. “Not only do remortgagers stand to make significant savings by switching to a competitive deal, many are in a strong position to cash in on the rising value of their home. Savvy borrowers are increasingly making the most of house price rises by releasing money from their homes.” Read more on the Housing Excellence website.