Just Mortgages comments on BoE Money and Credit data

04 January 2024

Following the release of the latest Bank of England Money and Credit statistics, here is a comment from national brokerage Just Mortgages.

Just Mortgages is one of the largest mortgage brokers in the UK, with more than 650 advisers working across both employed and self-employed divisions. It is part of Spicerhaart, the UK’s largest independent estate agency and property services group.

John Phillips, CEO of Spicerhaart and Just Mortgages, said: “It’s certainly positive to see net mortgage approvals for house purchases rise in November, with positive news around rates helping to encourage activity. With high mortgage maturity, it comes as no surprise to see remortgaging approvals increase. However, this data captures moves with new lenders and doesn’t highlight the high levels of product transfer business. Brokers from across our network have highlighted this as a key theme, as lenders get competitive and put greater focus on retaining existing customers.

“While we are seeing positive progress on rates – with more good news already this year, we cannot overlook the clear affordability challenges facing borrowers. We mustn’t forget the more than a million homeowners still set to remortgage this year too. Rates still remain higher than many are used to and while competitive pricing among lenders is helping, the hope is that a base rate drop will kick in later in the year and help with the heavy lifting.

“As people look to navigate the market and make sense of what it means to them and their individual situation, independent advice from a mortgage broker, with access to the whole of market has never been so important. This is especially true as people look beyond the traditional mainstream path to homeownership and explore opportunities through the likes of shared ownership for example.”