Buyers and banks ignoring Brexit concerns as mortgage lending hits highest level since January

Mortgage approvals for house purchase have hit their highest levels since January.

Banks approved 67,086 home loans in October, up 2% on a monthly basis, according to Bank of England data on mortgage lending.

Remortgage approvals, which had previously dominated the market, were flat at 49,339.

It backs up estimates by banking trade body UK Finance earlier this week that mortgage lending for house purchase had hit a three-month high.

Commenting on the data, Kevin Roberts, director at the Legal and General Mortgage Club, said: “There’s no doubt that Brexit and the ongoing political uncertainty has made some buyers and potential sellers act with caution, despite the current low interest rate environment.

“However, with its growing choice and flexibility, the mortgage market continues to entice borrowers looking for competitive deals.”

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2 Comments

  1. Chatty Cathy

    This isn’t really surprising when you look at the increased number of low rates available.

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  2. PeeBee

    Always amazes me when it makes the news that most people actually get on with their lives while the world goes on around them.

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