Ryan Davies, Bluestone Mortgages, comments on today’s BoE Money and Credit statistics

29 October 2024

Please see the below comment from Ryan Davies, Strategy Director, Bluestone Mortgages on today's Bank of England Money and Credit Statistics. The findings show that net mortgage approvals for house purchases rose to 65,600 in September, the highest level since August 2022 (72,000). Similarly, approvals for remortgaging increased by 3,100 to 30,800.

Ryan Davies, Strategy Director, Bluestone Mortgages, comments on today’s Bank of England Money and Credit statistics: “Today’s uptick in mortgage approvals is proof that borrowers took advantage of the lower rates we’ve seen in recent months. However, with looming uncertainty around the Autumn Budget and lenders starting to increase their rates again, we’re likely to see a drop-off in volumes in the coming weeks.

“For those worried about affordability in the current environment, speaking with a mortgage broker is a sensible first step. These professionals can guide you through the complexities of the market and help find a mortgage to suit your unique circumstances.”