Rise in remortgage approvals - Mortgages - News | moneyfacts.co.uk


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Rise in remortgage approvals

Rise in remortgage approvals

Category: Mortgages

Updated: 12/01/2018
First Published: 03/06/2013

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 It is now over 6 months old so the content may be out of date.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 successfully approved remortgage applications rose during April this year, with 30,313 loans advanced compared with 30,183 in January.

Approval levels for remortgage cases have steadily increased over the first four months of 2013, rising from 25,766 in January as the effects of the Government's Funding for Lending Scheme (FLS) filter through to the market.

Despite an increase in the number of refinancing loans approved, fewer purchase loans were advanced during April. A total of 53,710 loans were approved to people buying or moving property during April, compared with the previous six months' average of 53,729.

The volume of overall credit approved to individuals for personal loans, credit cards and overdrafts also grew during April to £1.42 billion, reflecting an increase of £1.4 billion compared with the average six monthly rise of £0.4 billion.

Peter Williams, executive director of the Intermediary Mortgage Lenders Association (IMLA), said: "So far this year the number and value of remortgage approvals has grown every month without fail, whereas purchase activity is still below the marker set in January when it was £54.5 billion."

What next?

Search all mortgages
Mortgage repayment calculator
Credit Card Search – find the best credit card for you

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.