{"id":17090,"date":"2018-05-31T10:15:20","date_gmt":"2018-05-31T09:15:20","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=17090"},"modified":"2018-05-31T10:15:20","modified_gmt":"2018-05-31T09:15:20","slug":"anticipated-base-rate-rise-drives-april-mortgage-market","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/05\/31\/anticipated-base-rate-rise-drives-april-mortgage-market\/","title":{"rendered":"Anticipated base rate rise drives April mortgage market"},"content":{"rendered":"

With the possibility of a base rate rise in May, the April mortgage market was unsurprisingly buoyant. Mortgage approvals increased by 11% on the previous year and gross mortgage lending reached \u00a320.4bn \u2013 an increase of 13.3% on 2017.<\/strong><\/p>\n

The anticipated base rate rise<\/a> would have been a driving factor for many borrowers wanting to secure lending whilst it was still cheap. According to data from UK Finance, a 30% rise in remortgaging<\/a> was largely responsible for the increase in lending, with borrowers being driven to secure a good deal whilst rates are low.<\/p>\n

The data also shows that the main high street banks estimated that there were 40,564 home purchase approvals in April, an increase of 1.7% year on year.<\/p>\n

Rates will rise again<\/h4>\n

Managing director of UK Finance Eric Leenders said: “April saw steady growth in mortgage lending and approvals<\/a>, following a slowdown in activity the previous month. This was driven by strong remortgaging levels, as borrowers locked into attractive deals amid expectations of a base rate rise.”<\/p>\n

After the 11.6% fall in mortgage lending in March, it is not surprising that April proved to be dynamic. When an increase in borrowing<\/a> is rapidly looming, borrowers are usually driven to act. Since the Bank of England decided to keep things on hold for a while longer, it will be interesting to see whether the growth in lending continues.<\/p>\n

Mortgage lenders have been steadily increasing rates<\/a> since before the base rate rise announcement, (27 providers increased rates in April), but good deals and low rates can still be found. For those seeking a mortgage or remortgage within the next six months, acting now to secure a deal should be a priority as the Bank of England have indicated that rates will rise again\u2013 we\u2019re just not sure when.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the possibility of a base rate rise in May, the April mortgage market was unsurprisingly buoyant. Mortgage approvals increased by 11% on the previous year and gross mortgage lending reached \u00a320.4bn \u2013 an increase of 13.3% on 2017. The anticipated base rate rise would have been a driving factor for many borrowers wanting to… Read more »<\/a><\/p>\n","protected":false},"author":3380,"featured_media":4802,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26,6],"tags":[25,341],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/17090"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/3380"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=17090"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/17090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/4802"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=17090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=17090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=17090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}