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Mortgage approvals continue to climb to highest levels since 2007

MORTGAGES | 10.02.2021

The number of mortgage approvals has continued to rise, with figures now reaching their highest levels since the financial crisis in 2007. The latter half of last year saw a spike in mortgage approvals for house purchases, despite the market having temporarily closed down for a number of weeks during the very first national lockdown.

Buyers more engaged

When compared to February 2020, there was a 41% increase in approvals in December, with many borrowers being seemingly spurred on by the stamp duty holiday. The holiday combined with ongoing socialising restrictions seems to have kept buyers engaged as more continue to search for their new homes. December 2020 saw over 103,000 mortgages getting approved, which raised the total for last year higher than 818,000, according to figures released by the Bank of England (BoE). The amount of approvals was the highest number since 2007 and this was also a 4% increase from 2019. It seems that many borrowers are rushing to beat the stamp duty deadline, in order to secure a deal and save money. In fact, those who manage to take advantage of the holiday scheme stand to save up to £15,000. However, the surge in activity has led to certain delays in getting homes sold, as the market struggles to cope with the influx. 

Fewer deciding to remortgage 

It seems that overall remortgaging was less popular in 2020, with more borrowers looking to move house last year. The number of overall remortgages approved fell by 23% last year when compared to 2019. However, these figures do not include those who decided to go through a remortgage with their current lenders.  More people deciding to move house was perhaps prompted by the time spent at home during the lockdown periods, not to mention the stamp duty discount on offer. 

Seeking ways to save

Despite the drop in remortgaging, it can still be one of the best ways to save money on a mortgage should you be coming to the end of your current mortgage deal. Many homeowners who are staying in their current homes are undeniably seeking ways to save more money during these difficult times. Remortgaging should never be overlooked, and if you’re looking for a better deal on your mortgage we can help. As mortgage brokers in Manchester, we can provide you with expert advice. Our experts search the market to ensure you get the very best deal and can hopefully reduce your monthly outgoings. Simply contact the friendly TaylorMade team today to get started.
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