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Mortgage Applications in The UK Have Reached a 12-year high

MORTGAGES | 14.10.2020

The mortgage market may still be going through a state of flux due to these unprecedented times, however overall applications for mortgages have actually surged in the UK. As house prices have increased at the fastest annual pace since the middle of 2016, the number of mortgage applications has also risen to a 12-year high, at least according to Halifax.

Remote working & a desire for more space

Halifax has echoed a sentiment that many mortgage lenders have spoken about over the last few months, that the market is currently being fuelled by a desire for more space, with more people working from home during the pandemic. The mortgage market seems to have bounced back with a ‘mini boom’ since lockdown restrictions were eased in May. In September, the average price of a home rose by 1.6% to £249,870. This marked the third month in a row that the market saw substantial gains.

Demand may not last

Over the last three months it seems that the market has received a flood of mortgage applications, from both first-time buyers and especially those looking to move property. Of course the stamp duty holiday is also incentivising vendors and buyers to close deals as quickly as possible, before the holiday ends next March. In August, mortgage approvals had risen to the highest level in almost 13 years, at least according to data from the Bank of England. However rising unemployment and a recession could suppress demand further down the line, especially when the government’s furlough scheme finally comes to an end on 31st October. Employment support measures will be gradually scaled back after October, which will no doubt bring increased unemployment over the winter months, potentially bringing a significant downward pressure on house prices.

Looking for a mortgage or remortgage?

During these difficult times, it’s more important than ever to seek the right help and guidance from a professional mortgage broker, or independent financial adviser who specialises in mortgages. They will have regular dealings with a wide selection of lenders, liaise with them for you, and know what they require before offering you a deal.   One of the most important things is to not keep applying for every mortgage you can find, as this will affect any credit checks carried out on your file. It’s recommended that you only apply for one mortgage at a time, and if you want to improve your chances of getting accepted - then please get in touch with our expert mortgage broker team at TaylorMade today.
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