Mortgage applications from homebuyers and remortgaging homeowners reached their highest point of 2014 last month.

The Mortgage Advice Bureau (MAB) found that total applications via mortgage brokers were up 13% from September, the second successive month of double-digit growth after an identical 13% increase between August and September.

The data indicates consumer appetite for mortgage finance remains strong despite reports of cooling house prices and the tighter affordability checks introduced by April’s Mortgage Market Review (MMR).

Applications for January-October 2014 were up 32% on the equivalent period last year and have now exceeded the 2013 total by 11% after passing this milestone last month.

Remortgage applications during October were also up; 17% in the month and 34% year-on-year, while homebuyer applications were up 11% in the month and 17% year-on-year, according to MAB’s statistics.

Brian Murphy, head of lending at Mortgage Advice Bureau, comments:
“The direction of house prices, interest rates and wages are giving consumers plenty to think about, and these figures show that growing numbers of borrowers are focused on progressing their house buying or remortgaging plans and seeking independent advice to make it happen,” commented Brian Murphy, head of lending at MAB.

“After seeing the Bank of England flirt with a first interest rate rise in 7 years, more people will be conscious that change is coming and looking for opportunities to make the most of today’s low prices. With product numbers continuing to rise, they have more choices at their disposal than at any point since the market recovery began.”

Cadman Homes offer mortgage services in the Rugby area and have advisors that can scour the whole of the market for you and advise you on the best deal to suit you. Call 01788 560 905 for a free review of your current borrowing, or for new purchases.
 

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