29 Jun

Mortgage approvals on the increase, figures show

Mortgage approvals on the increase, figures show

Figures from the British Bankers' Association (BBA) show that there was an increase in the number of mortgages approved in May.

Click n go Mortgages claims that this 7.4 per cent rise is a very positive sign indicating the restoration of confidence in the marketplace.

As a result, the number of mortgages being approved will continue to increase as the industry slowly and steadily recovers.

Peter Cowell, a broker at Click n go Mortgages, said: "The increased awareness of shared-ownership and shared equity purchases is definitely helping those figures as well. It is very early days."

He believes lenders are also looking for an increase in the "confidence factor of house prices".

The statistics released by the BBA showed that 31,162 mortgages were approved in May – an climb of 7.4 per cent compared to April.

Of those approved, the average value was £133,600.

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