'Momentum' propels 5% jump in mortgage approvals


Lenders approved 5% more mortgages in March than the previous month to reach a monthly total of £7,646m in loans, according to British Bankers' Association figures.

The number of loans secured on dwellings, seasonally adjusted, increased from 56,088 in February to 58,905 in March. The biggest rise was in remortgage approvals, which jumped 12%. By contrast, approvals for mortgages for house purchase rose 2%. Average loan size also increased for the third consecutive month, to £152,500. Edinburgh Mortgage Advice director Mark Dyason said: “It's no surprise that mortgage approvals picked up in March. There is much more momentum in the market. "Instrumental to this recovery is the first-time buyer, who has been buoyed by very competitive rates at ...

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