Comments on the BoE stats from national broker firm, Just Mortgages

02 June 2021

John Phillips, national operations director, Just Mortgages and Spicerhaart said:

“While net mortgage borrowing fell dramatically in April, the number of mortgage approvals has remained impressively high. We are not at the same record-breaking levels as the height of the housing rush, but lending remains remarkably strong and this looks set to continue.

“The stamp duty holiday has certainly inspired action from some, however a key driving force has been the significant increase in savings through the pandemic.

“Households are saving slightly less than at the peak of the pandemic – potentially as hospitality has begun to open back up – but there are still plenty of buyers that still have significant sums to spend on a property.

“Lenders are now competing for buyers and this is helping drive down interest rates across products. While they are not quite at pre-pandemic levels, the return of 95% LTV mortgages is welcome news for the market and we anticipate interest rates will continue to fall as competition increases.”