Consumers are continuing to rebuild their confidence, with mortgage approvals hitting the highest level in nearly two years.
In July 2024, there were 62,000 new house purchase mortgage approvals – a 2.3% monthly rise and the greatest number since September 2022, when there were 65,100 approvals. Consumer mortgage lending has also reached highs we haven’t seen in a while; borrowing hit £2.8bn in July, having last peaked in November 2022 at £3.3bn. However, remortgage approvals have been on a downward trend since March – they fell by 8.1% in July to 25,100.
If you’re moving home or looking to remortgage, get in touch.
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
