Mortgage approvals at highest level in 13 years as stamp duty holiday spurs on buyers
The combination of the stamp duty holiday and buyers reassessing their living arrangements as a result of the pandemic has pushed mortgage approvals to their highest level in 13 years.
The Bank of England says that the autumn months were particularly strong on the lending front with just under a third of the year-to-date lending done in October and November, with £10.2 billion of lending. Some 105,000 mortgages were approved for home purchase in November, the highest number since 2007, on the back of borrowers’ desire for a different property and/or location, coupled with the stamp duty incentive.
Effective mortgage rates may have risen slightly but are still historically low. As we head into the new year, there are plenty of competitive mortgage deals available to attract borrowers, while activity remains brisk as buyers try to take advantage of the stamp duty holiday which expires at the end of March.
Advice is more important than ever, particularly if you need to move quickly. A broker such as SPF Private Clients will know which lenders are struggling with service issues, and which ones are able to process applications without extensive delays. We can help guide your application through from start-to-finish to minimise hold-ups as much as possible. Get in touch for more information.
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