16 Aug

Mortgage activity rises 82% year-on-year

Mortgage activity rises 82% year-on-year

Mortgage activity in the UK has risen by an impressive 82 per cent in the space of just one year, new figures released by the Mortgage Advice Bureau (MAB) have shown. 

According to the organisation, there were £554.7 million worth of applications in the month of July, which made it the busiest month for mortgage activity since the year 2000.

It also went on to say that the number of mortgages applied for in the year so far was up considerably compared to 2012.

Between January and July of last year, there were £2.21 billion of applications, and this rose to some £3.32 billion in the same timescale this year, marking a 51 per cent growth.

Much of this can be attributed to the Funding for Lending Scheme, introduced last year, which made it more affordable to get a house purchase loan without the need to put down a large deposit of 20 to 25 per cent which had previously priced many out of the market.ADNFCR-1222-ID-801626280-ADNFCR

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