August Data on Mortgage Lending Reveals Thirteen Year High for Approvals

August Data on Mortgage Lending Reveals Thirteen Year High for Approvals

The housing market data for August has revealed much as to the state of recovery during the pandemic. The post lockdown market has drawn the attention of buyers and according to the Bank of England data, August experienced a 13 year high for mortgage approvals. Perhaps the pandemic is inspiring those staying at home more to do so as a homeowner. There were 84,715 mortgages approved in August which is a considerable jump from the 66,288 in July.

Homebuyers are inspired by the low interest rates, but homeowners have not rebounded in demand for lending like buyers. Remortgages have the potential to save homeowners a substantial amount of money and offer peace of mind according to some surveys. However, remortgage lending hasn’t gained the attention from homeowners as had been expected.

Though there could be a boost in the months ahead as mortgage repayment holidays end for homeowners. 

No one should choose to pay more than they have to, especially for a large expenditure such as a mortgage repayment. Experts encourage homeowners to shop around online to quickly discover what offers could be had and what amount of savings might be available.

Borrowing is definitely cheap presently, and the low interest rates will not last forever, so for those looking to save money, find security in a fixed rate, or other benefit such as homeownership, shopping around for a mortgage or remortgage in today’s lending market could likely be a smart financial choice. With the ability to seek out information and quotes online it could take only minutes to have important information in hand to be motivated to action and take advantage of the opportunities available.

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