A surge in mortgage approvals in April saw the number hit a six year high as lenders continue to compete for the biggest market share with record low deals.
The latest figures released from the Bank of England showed April’s approvals grew to over 68,000 with a value of over £1 billion. This was
a big jump from just under 62,000 approvals in March, and was the largest since February 2009.
This hike in approvals comes after a general slowdown within the market, following the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review (MMR) conducted by the Financial Conduct Authority (FCA) in April 2014.
Executive director of the Intermediary Mortgage Lenders Association Peter Williams said:
“The mortgage market finally hit the accelerator in April with the highest number of loans approved since February 2014. A 10 per cent monthly jump in mortgage approvals is the biggest for over two years and an encouraging sign for consumers.”
Looking at the last six months, the average number of approvals has sat at around 60,000. The current figures indicate a pick-up in the market, after a quiet start to 2015. Recent months have seen lenders continue to reduce their available rates as they each strive to capture a bigger share of the market.
Working as a mortgage adviser, having qualified with your exam following CeMAP training, you will be able to meet with customers and conduct an affordability assessment with them before best advising them on the most appropriate mortgage deal to suit their individual circumstances.