Comment from Access FS on BoE money and credit

30 April 2024

Here are some thoughts from Karl Wilkinson, founder and CEO of Access Financial Services, a brokerage of some 250/300 mortgage and protection advisers:

Karl Wilkinson, CEO of Access Financial Services, said: “The latest Bank of England figures show a steady increase in net mortgage approvals for house purchases from 56,100 in December 2023, to 60,500 in February 2024 to an even greater number of 61,300 mortgage approvals this March. This is the highest number of approvals we’ve seen since September 2022 – a month before UK inflation reached a high of 11.1%.

“At a time when swap rates are rising and fluctuating and mortgage lenders are reacting quickly with rate changes, it can be a frustrating time for financial advisers and borrowers alike. It will be interesting to see the impact of the recent round of mortgage hikes further down the line – this could well depress the market.”