It was announced this week that there has been a drop in the amount of mortgage applications that were approved for the month on July 2016. July’s total sees the lowest figure since January 2015.
The Bank of England, who announced the drop, stated that 60,912 were approved for the month of July, down from 64,152 in the month on June 2016. The total amount lent out on the approved mortgages for July was £10.4 billion down from £11.1 billion in June.
If you take the same month a year earlier, 2015, the amount of approvals has dropped by 12.4%.
There may be a number of reasons for the drop, the uncertainty of the Brexit along with the rush for Buy to Let landlords snapping up property before the Stamp Duty Increase which came into effect in April this year.
If you’re looking to get onto the housing ladder or you’re looking for mortgage advice, My Finance Friend can help. We specialise in providing mortgage advice which is right for you and we ensure that your mortgage application is perfect giving you the very best chance of being accepted, and quickly.
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