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Mortgage applications increase by 54%

Mortgage applications increase by 54%

Category: Mortgages

Updated: 21/05/2013
First Published: 21/05/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The number of mortgage applications submitted by prospective borrowers during April this year grew by 54%, according to figures released by the Mortgage Advice Bureau.

The independent mortgage broker revealed a surge in purchase mortgage applications last month, 60% higher than in April 2012, and helping driving up the overall results.

Mortgage applicants borrowed an average of £148,688 last month compared with £145,005 the previous year, with an average deposit of £61,519 being put down.

Record low mortgage rates, largely as a result of the Government's Funding for Lending Scheme, introduced last August to boost lending to individuals and small non-financial companies, have driven increased activity levels from borrowers, keen to snap up the most competitive rates.

Brian Murphy, managing director of the Mortgage Advice Bureau, said: "What comes next in the development of Help To Buy will determine just how many people can join the rush to secure a good deal on property, whether or not they are first-time buyers or second-steppers.

"We are still waiting to see how the mortgage guarantee will work in practice, but in the meantime the competition between lenders means there is plenty of reason to shop around and seek advice to secure a favourable offer."

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