Mortgage approvals up 4% annually: e.surv

Mortgage approvals grew 4 per cent annually in March, according to new figures from e.surv.

The data shows that 66,174 mortgages were approved last month, translating to monthly growth of 2.9 per cent.

Meanwhile, the number of loans given to small deposit borrowers fell from 26.3 per cent to 26 per cent.

In addition, large deposit borrowing declined month-on-month, from making up 26.9 per cent of borrowers to 26.2 per cent.

The report highlights mid-market borrowers as the main benefactors in the falling rates of both high and low LTVs. Mid-market borrowing increased from 46.8 per cent to 47.8 per cent.

Yorkshire retains the top spot for first-time buyers, with 33.4 per cent of borrowers having a small deposit. This was followed by the North West at 32 per cent.

In relation this to, Yorkshire saw the smallest number of large deposit borrowers at 19.4 per cent, followed by the North West at 20.1 per cent.

In contrast, London saw the highest proportion of large deposit borrowers in the country, at 35.2 per cent, and the least number of small deposit borrowers – 16.7 per cent.

England’s capital was followed by the South East posting the second highest number of large deposit borrowers at 31.1 per cent, and the second lowest number of small deposit borrowers at 22.9 per cent.

e.surv director Richard Sexton comments: “Mortgage rates have increased slightly compared to the rock-bottom lows of the last few years.

“However, rates are still close to their historic lows which is good news for those looking to take their first steps.

“With almost half of all mortgages going to mid-market borrowers, it is clear that many current homeowners are still coming to market for new loans.

“This may be because they are keen to lock into loans at the current historically low rates in the hope that it will save them money in the long term.”

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