Mortgages are on the up

2097612_2095659_Money-Currency-Coins-Pound-GBP-700(1)The Bank of England has confirmed that during the month of July mortgage lenders approved more mortgages than in any other month since January 2014.

According to the latest money and credit figures, there were 11,766 approvals in July – which is an 8 per cent year-on-year increase on July 2014.

Purchase approvals were up 5.3 per cent annually to 68,764. Gross lending was up 10.8 per cent year-on-year to £18.4bn.

The remortgage market continued to strengthen in July with the number of loans up 26 per cent year-on-year.

Figures from the Council of Mortgage Lenders show there were 31,000 remortgage loans in July. By value, remortgage loans were up 34.2 per cent year-on-year at £5.1bn.

The buy-to-let market had a strong July, with the number of loans up 39.2 per cent year-on-year to 25,200. By value, buy-to-let lending was up 52 per cent annually, reaching £3.8bn in July.

With this in mind, why not give Homeline Mortgages a call to see how we can help you make your money go further.