Base rate cut helping to drive mortgage approvals
Mortgage approvals were up 6% in August, according to research by Equifax Touchstone, with the possibility of further growth for the rest of 2016.
Equifax hinted that the Bank of England base rate reduction has helped to overcome the summer slowdown, as well as any post-Brexit slump in mortgages applications.
David Blake of Which? Mortgage Advisers said:
‘Arguably there has never been a better time to take out a mortgage. Rates are historically low and are continuing to drop, with many lenders cutting rates in the past couple of weeks. If you are thinking about buying a property or already have a mortgage in place, speak to an independent mortgage adviser to understand your options.’
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