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UK mortgage market trends

Mortgage approvals hit a two-year high

Recent data* has revealed that, in August, mortgage approvals hit the highest level in two years.

 

An increase in net approvals

Net mortgage approvals rose for the third consecutive month in August, reaching 64,900 – the highest since August 2022 which saw 72,000 approvals. This uptick will be promising news for the housing market, as mortgage approvals are indicative of future borrowing. The number of remortgage approvals also increased to 27,200.

A rise in lending

Lending has also risen; in August, individuals borrowed a net total of £2.9bn of mortgage debt – a marginal increase on the previous month (£2.8bn). Plus, the annual growth rate for net mortgage lending rose for the sixth month in a row, reaching 0.7% – the highest since August 2023 when annual growth was 1.0%. Meanwhile, gross lending increased month-on-month by £0.3bn to £19.9bn in August 2024, and gross repayments went up by £1.3bn to £18.4bn over the same period.

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Are you looking to mortgage or remortgage? Whatever your circumstances, we are here to help – contact us for professional advice.

Your home may be repossessed if you do not keep up repayments on your mortgage

You may have to pay an early repayment charge to your existing lender if you remortgage

*Bank of England, 2024

Read our "Just in Time notice" here.

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Mortgage – Your home may be repossessed if you do not keep up with repayments on your mortgage.

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Buy to let mortgage guide

The Buy-to-Let market is in the midst of a radical shake-up. Major tax changes have made it much less appealing for ordinary investors and accidental landlords, and more a target for the serious property investor instead.

With this in mind, I’ve removed my Buy to Let guide due to these tax changes, ensuring my advice remains accurate and relevant to the current market. If you would still like advice on this then please get in touch.

Your property may be repossessed if you do not keep up with repayments on your mortgage. Not all buy-to-let mortgages are regulated by the financial.

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Just in Time notice

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Why do you need my data and what will it be used for?

We need to know your basic personal data so we can contact you and respond to your message, request or query. All the personal data we process is processed by our staff in the UK.

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Your data will only be shared with third parties if this is necessary to respond to your request. If this is the case, we will seek your permission before passing on your details.

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