View more on these topics

BoE: Approvals at 18-month high

Lenders approved more mortgages in July than in any other month since January 2014, new figures from the Bank of England show.

According to the latest money and credit figures, there were 11,766 approvals in July – an 8 per cent year-on-year increase on July 2014.

Purchase approvals were up 5.3 per cent annually to 68,764, while remortgage and further advances were up 16 per cent and 2 per cent to 38,042 and 10,855, respectively.

Gross lending was up 10.8 per cent year-on-year to £18.4bn.

Mortgage Advice Bureau head of lending Brian Murphy says: “Mortgage approvals continued to climb in July, with the number of approvals for remortgage in particular seeing a significant annual increase. Bargain basement mortgage rates are attracting borrowers in their droves, and many are keen to lock into record low pricing before interest rates rise.

“Not only do remortgagers stand to make significant savings by switching to a competitive deal, many are in a strong position to cash in on the rising value of their home. Our own analysis shows that the average remortgage loan has reached a new post-recession high, with typical loan-to-values also increasing. Savvy borrowers are therefore increasingly making the most of house price rises by releasing money from their homes.”

Recommended

Benson Hersch ASTL

ASTL elects new executive committee

The Association of Short Term Lenders has elected five new members to its executive committee. The five new members include Central Bridging head of sales Brian West, Amicus managing director Keith Aldridge, Mathaven director Jon Hall, Hope Capital chief executive Jonathan Sealey and Roma Finance lending director Scott Marshall. Alternative Bridging managing director Allan Kay […]

Business-Handshake-Finance-Deal-700.jpg

HomeLoan Partnership hires Martin Sims as development director

HomeLoan Partnership has appointed Martin Sims as development director. Sims joins from Castle Trust, where he has spent the past four years as head of the lender’s distribution proposition. He has also held various senior positions at Kensington and Legal & General. HLP chief executive Christopher Tanner says: “We understand that as the network grows […]

Business-Handshake-Finance-Deal-700.jpg

Bank of Ireland opens up broker distribution with Sesame deal

Bank of Ireland has opened up its intermediary distribution with the addition of Sesame to its panel. The lender re-entered the broker market under its own brand in December, first distributing through LSL estate agency subsidiaries Reeds Rains, Your Move and Embrace Mortgage Services. It then opened up to First Complete, Openwork and Intrinsic this […]

Cover story: Bomb scare? Time will tell

Will the eventual rises in base rate blow up in borrowers’ faces or are falling arrears and repossessions a sign that most homeowners will be able to absorb the impact?

Three catalysts for European equities

By Rob Burnett, Manager of the Neptune European Opportunities Fund In recent weeks, the bear case for European equities has become more pronounced on the back of weaker-than-expected GDP data and deflation concerns. This softening in economic momentum has led some investors to question whether the ECB is behind the curve and indeed whether it […]

Newsletter

News and expert analysis straight to your inbox

Sign up