Bank of England – Mortgage lending rises in April
Mortgage lending rose by nearly 5 per cent between March and April to reach £4.3bn last month, the latest Bank of England figures have shown.
The increase in April followed a steep rise the previous month, when lending jumped by 24 per cent from a weak February to £4.1bn in March.
April’s lending total was slightly higher than the average of £3.8 billion seen over the previous six months.
Mortgage approvals for house purchase rose slightly to around 66,300 last month.
This was close to the average of the past two years and reversed the fall seen in March, according to the Bank.
The number of approvals for remortgaging was practically unchanged at around 49,400.
Legal & General Mortgage Club head of lender relationships Danny Belton says: “The mortgage market is showing many signs of strength.
“The average two-year fixed rate at 95 per cent LTV has fallen to 3.25 per cent in the last five years, giving first-time buyers a much-needed helping hand onto the ladder.
“The current low-interest climate is also helping borrowers who wish to remortgage to save on their repayments by locking into fixed-rate products.”
Source: Mortgage Strategy