In August, mortgage approvals soared to 84,700, a sharp increase on July’s figure of 66,300 and the highest monthly figure since October 2007.

This surge in approvals can been attributed to several factors, including record low interest rates and the government’s temporary Stamp Duty holiday.

Despite a weak economic backdrop, experts say, changes in people’s behaviour, working habits and aspirations as a result of the pandemic have led to increased demand.

Longer term expectations suggest the Stamp Duty holiday will keep the market buoyant throughout Q1 2021, although recovery into Q2 and beyond will largely depend on the wider economic picture.

We can help you find the mortgage that is most suitable for you.

Your home may be repossessed if you do not keep up repayments on your mortgage

Catch up on our other blog posts:

Stamp Duty – Just a Reminder!

Stamp Duty – Just a Reminder!

The temporary raising of the nil-rate Stamp Duty band threshold to £500,000 ended on 30 June. The measure was introduced in July 2020 to maintain confidence in the housing market during the pandemic. Don’t despair if you missed the deadline, as there's now a tapered...

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A Record Summer for house prices?

A Record Summer for house prices?

House prices continue to rocket, with the Nationwide House Price Index1 revealing annual house price growth of 13.4% in June, the highest level since November 2004.  The extended Stamp Duty holiday, in addition to the new mortgage guarantee scheme and changing...

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(Your home may be repossessed if you do not keep up repayments on your mortgage)

We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)

For Lifetime Mortgages/Equity Release the fee will be £799.

Our mission is to provide honest mortgage advice, whilst helping you save money.

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Providing helpful and friendly mortgage advice in Southampton

First Floor, 9 Salisbury Road, Totton, Southampton, SO4O 2HW

02380 224 925

info@southcoastmortgages.com

South Coast Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 59 The Avenue, Southampton, Hampshire, SO17 1XS. Registered Company Number: 08414746 Registered in England & Wales.