Bank of England – Mortgage approvals hold steady in April
The number of home purchase approvals held steady in April at 62,455 down just slightly from 62,802 in March.
There were 46,189 remortgages in April, down marginally from 46,917 in March.
The value of home purchase mortgages rose from £11.4 billion in March to £11.5 billion in April and the value of remortgages remained the same at £700 million.
Bluestone Mortgages director of sales and marketing Steve Seal says: “With speculation of an interest rate rise only put to bed earlier this month, it is unsurprising to see a slight reduction in loan approvals for April, as consumers erred on the side of caution.
“However, outdated high-street lending criteria continues to prevent some borrowers from accessing mortgages.
“Customers should not be deemed ‘high risk’ off the back of one or two missed credit payments.”
He adds: “These customers are not repeat offenders, nor just numbers on a credit score.
“Instead, the mainstream sector should adapt to ensure that this group of borrowers are not overlooked and, in the meantime, specialist lenders will continue to help the underserved onto the property ladder.”
Source: Mortgage Strategy