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Mortgage approvals increased nationally by 3 per cent from May to June, reaching 66,435, according to e.surv’s Mortgage Monitor survey.
This rise comes on the back of 6.4 per cent growth from April to May.
Delving into the numbers, the survey reveals that 23.4 per cent of borrowers were first-time buyers with a small deposit across the UK, although this figure differs on a regional level: in Yorkshire this type of buyer made up 33.7 per cent of the market, but in London, 16.2 per cent.
On the other side of the coin, large deposit borrowers increased too – standing at 32.9 per cent of approvals nationally, as compared to 32.8 per cent in May. Regionally, the picture is a little smoother but still varies: in Yorkshire and London the figures were 23.8 per cent and 38.5 per cent, respectively.
Commenting on the rise in approval rates, e.surv director Richard Sexton says: “Speculation about a potential base rate rise in August (see Mortgage Strategy’s story here) may increase interest, as more borrowers look to lock in a low mortgage rate before any increases take place.”
“It really is a postcode lottery as to the local market you experience… but with lenders offering low rates across the whole country, now is a good time to lock into a cheap mortgage deal before rates eventually begin to rise once more,” he adds.
* Content Source – Mortgage Strategy
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