Mortgage Application UK Approvals Rise
According to the Bank of England, mortgage application UK approvals have risen in June for the first time in 5 months.
The effects of the mortgage market review initially dampened the mortgage market but the market is recovering. The mortgage market review focused on making sure that mortgage lenders looked into customers affordability in more detail.
There are still however deals available that will lend up to 5.5 x a single applicants income as long as they can satisfy the lenders affordability stress test .
The mortgage market is definitely starting to feel like it is growing steadily which is great news for first time buyers and home owners as we are seeing more mortgage products entering the market .