Just Mortgages comments on BoE Money and Credit data

04 May 2023

Following the announcement from the Bank of England today that net mortgage approvals rose significantly to 52,000 in March, from 44,100 in February, we have a comment from John Phillips at national brokerage Just Mortgages.

Just Mortgages is one of the largest mortgage brokerages in the UK, with more than 650 advisers working on either an employed or self-employed basis.

John Phillips, national operations director at Just Mortgages said: “It is certainly encouraging to see net mortgage approvals – an indicator of future borrowing – increase for the second month in a row. This certainly mirrors the activity reported by our brokers across the country as more clients continue to get their purchasing plans back on track.

“Since the start of the year we’ve seen consistent levels of buyer registrations and strong demand for valuations and appointments. This has even been the case during the February half-term and subsequent bank holidays which can typically be a quieter period. In all parts of the country, customers are keen to seek advice and find out what the market actually looks like for them and their situation. To maintain this positive momentum, brokers must be on the front foot and getting in front of as many clients as possible to highlight how the market has changed in just the last month, let alone since the start of the year.

“Remortgaging will continue to be clear priority as we head further into the year. At Just Mortgages alone, it has gone from 44% of our total mortgages in Q1 2022, to 57% in Q1 2023. As more mortgages mature and borrowers weigh up their options, it’s right to expect that figure to increase. The proactive brokers will be targeting their marketing and pounding the pavement to communicate with the large number of borrowers still to secure the best possible rate.”