UK Mortgage Applications Climb

The number of mortgages people are applying for in the UK continues to climb according to UK mortgage applications statistics by the Bank of England. Data shows that house prices are higher than a year earlier, and interest rates also continue to climb too.

According to mortgage lenders and administrators, the desire for more space at home has been driving the country’s property market. There has been a fundamental shift in mortgage lending due to the demand with a significant increase in flexible home working in turn creating a desire for more space.

The rise can also be attributed to easier access to mortgages, with rising interest rates allowing banks to offer more attractive deals to buyers. It is both first time buyers and home movers who have been seeking mortgage commitments, and applications from both groups continue to increase.

The Buy Association pointed out that remortgaging is a good option to explore if you’re keen to release some cash from your property. A survey found that 74 per cent of those who take out a new loan on their property see their monthly mortgage payments fall.

Just over one-third even reported as much as a ten per cent reduction in their monthly mortgage payments as a result of remortgaging. The survey also revealed that almost two-thirds of those who have remortgaged discovered that the value of their property had increased when they did so.

Remortgaging isn’t only useful if you’re looking for a better deal on your mortgage payments. You can also use it to release some of the equity from your property and put this towards the likes of home improvements.

According to the study, around one-fifth of homeowners took residential mortgage loans to help them pay for home extension and/or improvements, while 19 per cent used the money they released by remortgaging to make their homes more energy efficient and sustainable.

Whether you’re looking for your first mortgage to embark on your first house purchase, or are considering a remortgaging for your existing property, it’s important that you get specialist advice to ensure you consider all your options and find the solution that works best for you.

Speaking to an independent mortgage broker in London will allow you to find out what options are open to you and what will best suit your personal circumstances. Buying a first home or new home is an exciting time, and we aim to keep it that way, taking away as much stress and hassle as possible. At Greenacre Financial Services we have years of experience in helping people just like you to find the right mortgage for your needs.

If you are considering a remortgage, Greenacre we work with you in advance to make sure your mortgage continues to match your needs, comparing your existing deal with the rest of the mortgage market to find the most suitable product. We’ll do it all within good time, so you don’t ever pay more on your mortgage than you have to. For more information read our blog on How long does a mortgage offer last?

Unlike many of our corporate competitors, we are a completely independent Whole of Market Mortgage Broker offering a choice of around 100 lenders and up to 25,000 different mortgage schemes, meaning we will be able to find you the best mortgage rates.

For more information about any of our services, or if you have questions regarding UK mortgage applications statistics, please do not hesitate to get in touch by calling us on 0203 3939 222. We are happy to arrange out-of-hours appointments (these can be in-person or via FaceTime/WhatsApp) so to find out how we can help, get in touch today.

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Hannah D
Hannah D
07:42 09 Sep 19
I would fully recommend Greg and Greenacre Financial Services. As a first time buyer I was daunted by the process of... finding the right mortgage for me however Greg made the process really simple, clear and quick. He was always available to answer any questions and happy to explain everything. I wouldn’t hesitate in recommending Greenacre FS to my friends and more
Jessica Cohen
Jessica Cohen
19:33 26 Aug 19
We first met with Greg in May for advice as we had adverse credit and irregular pay and didn't think a mortgage was in... our reach. Less than two weeks later Greg had fully arranged a great deal for us on our first mortgage. He was available whenever we needed him, 7 days a week and in the evenings. We cannot thank Greg enough for helping us buy our first home!read more
Seren Fletcher
Seren Fletcher
08:56 24 Aug 19
Would highly recommend Greg and Greenacre Financial Services. Was extremely professional and helpful. Our mortgage... wasn’t straight forward due to my husband being self employed but Greg was very knowledgable and managed to find us a really good mortgage. Looking forward to working with him again in the futureread more
13:24 23 Aug 19
Graham at Greenacre was excellent in helping me get a mortgage for my house purchase. He was always available when... needed, provided an efficient service and was very knowledgeable. Highly recommended!read more
Ian Hatter
Ian Hatter
11:07 16 Aug 19
What can I say, Greg has been absolutely amazing in sorting out a mortgage for me I never thought was possible. It has... meant I have been able to buy a house, a few months ago, I would never have dreamed of being able to buy after talking to high street lenders. He worked exceptionally hard and always kept me updated with every step of the process. Buying a house is extremely stressful, but Greg took all that stress away from me. I cannot recommend Greg enough to anyone looking to buy a property. Thank you so much for your help Greg, it's greatly more
Sean Kelly
Sean Kelly
15:27 30 Jul 19
10/10 EXCEPTIONAL service and result. Highly recommend. Greg and the Greenacre Financial Services team were fast,... knowledgeable, and honest. All the qualities you want and need. Very pleased I was recommended to Greenacre. Customer for life!read more
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