29
Jun
Mortgage approvals on the increase, figures show
Figures from the British Bankers' Association (BBA) show that there
was an increase in the number of mortgages approved in May.
Click n go Mortgages claims that this 7.4 per cent rise is a very
positive sign indicating the restoration of confidence in the
marketplace.
As a result, the number of mortgages being approved will continue
to increase as the industry slowly and steadily recovers.
Peter Cowell, a broker at Click n go Mortgages, said: "The
increased awareness of shared-ownership and shared equity purchases
is definitely helping those figures as well. It is very early
days."
He believes lenders are also looking for an increase in the
"confidence factor of house prices".
The statistics released by the BBA showed that 31,162 mortgages
were approved in May – an climb of 7.4 per cent compared to
April.
Of those approved, the average value was £133,600.
