John Charcol notes drop in remortgage approvals

Posted on Friday, July 4 by Joy Tibbs

According to Ray Boulger, a spokesperson at mortgage adviser John Charcol, remortgage approval levels dropped in May. Despite this, average remortgage approval values increased.

“Looking at the actual May mortgage approval figures, both the number and value of purchases show a small increase on both the previous month and May of last year, whereas remortgages continued to fall on both comparators,” says Mr Boulger.

The average purchase mortgage value in May was £164,055, up 6.7%, compared with £153,735 during the same month the previous year.

“This probably reflects the fact that a higher proportion of purchases in London are bought without a mortgage: 40% as compared to 36% nationally,” he adds.

The average remortgage approval value increased by 5.7% to £148,708 in May compared with £157,166 in 2013.

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