Mortgage lending on the up

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Estimated gross mortgage lending for the total market in May 2018 was £22.2bn, 8.8 per cent higher than the same month a year earlier, with mortgage approvals by the main high street banks increasing by 3 per cent compared to the same month a year earlier, according to UK Finance.

Eric Leenders, its managing director of personal finance, said: “May’s increase in mortgage approvals was driven by strong growth in remortgaging, as a large number of fixed-term mortgages came to an end and homeowners took advantage of a competitive market to shop around for attractive deals. Increased efforts by lenders to contact their customers before their current mortgage deal expires have also contributed to this rise.

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