Getting a mortgage approval is a highly anticipated step of the process when purchasing a property. But recently, there has been an increase in the number of mortgages approved in the UK, meaning less buyers will experience the sometimes disheartening feeling of being rejected by a lender.
In November, UK mortgage approvals rose to the highest level in 13 years, which was driven by the government’s stamp duty holiday and buyers having more time to reassess their living situation during the coronavirus pandemic.
Despite predictions that the housing market was set to slow down, November’s figures from the Bank of England showed that over 100,000 mortgages were approved by banks and building societies for home purchases. This is the highest figure since August 2007.
Accurately calculating how much you need to borrow from a lender will give you the confidence needed to move forward with your mortgage application. At Key Mortgages, we can offer our expert advice and broker services with all financial areas considered, so that your application is completed promptly with a mortgage in principle shortly after.
If you want to find out more about mortgage applications or feel ready to make a start, contact us to make an appointment.