Mortgage lending in June rises during loan price war

Fri, 31 Jul 2015

Mortgage lending in June rises during loan price war
Figures released by the Bank of England show that mortgage lending recovered in June, after falling in May.

In April, loan approvals for house purchases reached a 14 month high, of 68,051. Then, in May, the same month as the General Election, the number dropped down to 64,826.

However, in June, the mortgage price war helped push mortgage rates to record lows, and together with the classic Spring home-buying season, helped mortgage approvals rise to 66,582.

Mark Carney, the Bank of England governor, has warned however that it is likely the interest rate will rise at the turn of the year, which may affect mortgage approvals.

"Despite the holiday season approaching, we are likely to see a burst of transactions continue into the second half of the year following Mark Carney's comments about an early rate rise, as more people look to secure a loan before the curtain comes down on the era of low-cost mortgages," said Brian Murphy, of Mortgage Advice Bureau.

Despite being lower than April's record high, the figures from June were still the second highest since March 2014, and 12.3 per cent higher than the 17-month low in November.

Government schemes such as Help to Buy have been helping first-time buyers get onto the property ladder, which may explain the rise in mortgages.
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