More Mortgages Agreed For Early 2021 Than Any Time Since The Financial Crisis

Some £87.7bn of mortgages were agreed for the coming months at the end of 2020, 24.2% more than a year earlier and the most since before the global financial crisis. Mortgage lending reached £76.6bn in the fourth quarter, an increase of 4.2% year-on-year. The share of mortgages with a low loan-to-value was 4.5% down in a year and the lowest since this was first measured in 2007. The figures come from the Bank of England’s mortgage data for Q4 2020. Read more on the Property Wire website.

https://www.propertywire.com/news/more-mortgages-agreed-for-early-2021-than-any-time-since-the-financial-crisis/

Mortgage Approvals Hit 13-Year High In 2020

The total number of mortgage approvals in 2020 rose to the highest level seen since 2007, according to the latest Money and Credit statistics from the Bank of England. The data shows that the recent strength in approvals has more than offset the significant weakness earlier in the year. House purchase approvals – having troughed at a record low of 9,400 in May – totalled 818,500 in 2020, the largest number in one year since 2007. In December, the number of approvals was 103,400. Read more on the Financial Reporter website.

https://www.financialreporter.co.uk/mortgages/mortgage-approvals-hit-13-year-high-in-2020-boe.html 

UK Mortgage Approvals Hit 13-Year High

British lenders approved the highest number of mortgages since September 2007 last month, unexpectedly extending a post-lockdown surge, but there was a record drop in unsecured lending to consumers, Bank of England data shows. Mortgage approvals for house purchase jumped to 91,454 in September from August’s already-high reading of 85,530, exceeding all forecasts in a Reuters poll of economists that had instead pointed to a decline. Activity in Britain’s housing market has rebounded sharply since the end of lockdown restrictions and was further fuelled when finance minister Rishi Sunak temporarily suspended property purchase taxes in July. Read more on the Reuters website.

https://uk.reuters.com/article/uk-britain-economy-consumercredit/uk-mortgage-approvals-hit-13-year-high-consumer-lending-slides-idUKKBN27E1G3

FTB Mortgage Struggles Compounded By Pandemic

New data has revealed that challenges for first-time-buyers attempting to secure a mortgage are being intensified by the ongoing pandemic, as many continue to struggle with credit and self-employment in the current Covid-19 environment. According to the data, the number one reason for a rejected mortgage application was that the prospective first-time buyer is self-employed or a contract worker (20%). This is a big change on pre-lockdown First Time Buyer Index results in March when it was only the 9th most common reason for an application being declined. As a result, nearly a quarter (23%) say they have given up being self-employed to secure a mortgage. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/property/ftb-mortgage-struggles-compounded-by-pandemic.html

Mortgage Approvals Rise To Ten-Year High

There were 95,126 mortgages approved by the main high street banks in July, the highest monthly total since July 2009, according to the latest data from UK Finance. Its figures show that mortgage approvals for home purchase were 16.4% higher, remortgage approvals were 19.4% higher and approvals for other secured borrowing were 12.7% higher than the same month last year. Gross mortgage lending across the residential market was £26.1 billion in July, 2.9% higher than the same month in 2018 and the highest since March 2016. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/finance/mortgage-approvals-rise-to-ten-year-high.html

Mortgage And Remortgage Approvals Slip During In May

The latest statistics from the Bank of England have revealed that, during May, house purchase mortgage approvals fell back to 65,400 after April's strong numbers. According to the figures, the number of approvals for remortgaging also dipped in May, to 46,700. Net mortgage borrowing by households fell to £3.1 billion in May, the smallest increase since April 2017. However the annual growth rate for mortgage lending remained stable at 3.2%, and has now been around 3% since late 2016. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/finance/mortgage-and-remortgage-approvals-slip-during-in-may.html

Mortgage Approvals Hit Highest Level in Nine Months

U.K. mortgage lending reached a nine-month high in March, a possible sign that stability is returning to the housing market. The number of home-loan approvals climbed to 39,980, almost 6 percent higher than a year earlier and the most since June 2018, lobby group UK Finance said The pickup came as a surprise to economists, who had expected to see a further slowdown last month. The housing market has been hit by Brexit uncertainty, particularly in London, and mortgage approvals remain well below the levels posted two years ago. Annual growth in consumer credit accelerated to 4.1 percent, the highest since June last year. Read more on the Bloomberg website.

https://www.bloomberg.com/news/articles/2019-04-26/u-k-mortgage-approvals-hit-highest-level-in-nine-months

Mortgage Approvals Little Changed as Interest Rates Rise

U.K. mortgage approvals were little changed in November and net lending was below its recent average, according to the Bank of England. Approvals were at 65,139 compared with 64,887 in October, the BOE has said. The figure was higher than economists had forecast. Net mortgage lending amounted to 3.5 billion pounds, versus the 3.7 billion-pound six-month average. The data cover the same month the central bank raised interest rates for the first time in a decade, creating further headwinds for a housing market that has been losing momentum since the Brexit vote in 2016. Read more on the Bloomberg website.

Mortgage Approvals Fall To Three-Month Low In September

The number of mortgage approvals being made to home buyers dropped to a three-month low in September, according to Bank of England figures. Some 66,232 loans for house purchase were given the green light in September, marking the lowest monthly figure since June 2017. It is the second month in a row that mortgage approvals have fallen and comes after a six-month high of 69,360 in July. However, the Bank’s Money and Credit report showed re-mortgage loans picked up in September to 47,598, rising from 46,270 the month before. Read more on the Belfast Telegraph website.

UK Lenders Approve Fewest Mortgages In Nearly Two Years

British lenders approved the fewest mortgages in nearly two years last month as the housing market continued to slow after the Brexit vote, raising the chance of an outright fall in prices next year. House purchases have been falling since the start of the year, buffeted by higher taxation on investment properties as well as the EU vote. However, other figures suggest that for now consumers are continuing to spend and to borrow heavily, placing the Bank of England in a quandary as it considers whether it will need to cut rates for a second time this year. The number of mortgage approvals last month dropped to its lowest since November 2014 at 60,058. Read more on the Reuters website.

UK Mortgage Approvals Fall To Lowest Level In 15 Months In June

UK mortgage approvals in June fell to their lowest level in 15 months as buyers got nervous about the state of the housing market in the run up to the EU referendum. The number of mortgages approved by British banks last month dropped to 40,103 from May's downwardly revised 41,842, the British Bankers Association said. The BBA said that the figures showed that mortgage lending had dropped after stamp duty was imposed on second homes and buy-to-let properties, but that it was too early to say if Brexit had also had an impact. The BBA does not however include mortgage lending by mutually owned building societies, which includes one-third of mortgages.  Read more on the Independent website.

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.

Alarm at Subdued Home-Buying Lending While Buy-To-Let Sectors Grows Apace

A decline in mortgage lending for the purpose of buying a home while borrowing for buy-to-let grows has prompted one property services business to express its alarm at the imbalance. In its latest report, the Council of Mortgage Lenders (CML) revealed that lending in April was “weaker” compared to a year ago, with lending to first-time buyers declining compared to March and April last year. Gross lending in April was £15.8bn, down from £16.1bn in March and £16.8bn in April last year, the organisation said. Other key aspects include:

• Home mover lending volumes went up slightly month-on-month but there was a year-on-year decline compared to April last year
• Home-owner remortgage activity declined compared to last year
• Buy-to-let continues to grow year-on-year, mainly driven by remortgage activity, although there was month-on-month decline compared to March.

Read more on the CML website.

Britain Leans On Consumers as Mortgage Approvals, Loans Surge

British mortgage approvals surged by the most in six years in April and lending to individuals also rose sharply. Data from the Bank of England supported expectations that the pace of the broader economic recovery will pick up again by mid-year after slowing at the start of 2015, giving a nudge to a long-running debate about when interest rates might rise. Mortgage approvals for house purchases hit their highest level in 14 months, reaching 68,076 from 61,945 in March. The rise consumer lending was not far off March's seven-year record monthly jump. The figures were a reminder of the lopsidedness of Britain's recovery, with weak manufacturing and trade unlikely to contribute much to growth in the coming months. Read more on Yahoo News.