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.

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

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MORTGAGE LENDING CONTINUES TO SOAR

MORTGAGE LENDING CONTINUES TO SOAR

Mortgage lending has soared to record levels, according to latest data from the Bank of England1, which reveals that gross advances in Q1 totalled £83.3bn, which represents a 26.5% increase on the same quarter in 2020 and the highest level since Q4 2007. Impact of the...

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

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

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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.