The number of residential mortgages approved by the main high street lenders reached its highest level in three years, according to UK Finance.
Data shows there were 49,683 house purchase mortgages approved in May — up 9.1 per cent on last year’s figures and the highest level since June 2016.
Aaron Strutt, product director at Trinity Financial, says: “The lenders are doing everything possible to tempt people to apply for mortgages. They are offering great rates, longer mortgage terms and enhanced affordability rules for many borrowers.”
Despite the ongoing rate war remortgage approvals were 3.7% lower, but approvals for other secured loans were 5.9% higher than the same month a year earlier.
Gross mortgage lending across the residential market in May 2019 was £21.9 billion, some 0.4% lower than the same month in 2018.
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