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BBA Mortgage approval comments PDF Print E-mail
Wednesday, 27 January 2016

Comments on the latest BBA mortgage approvals/borrowing figures from Eddie Goldsmith, Chairman of The Conveyancing Association: “The figures for December from the banks appear to show a strengthening of the mortgage market as 2015 ended with December’s mortgage borrowing figures up by 24% on the same month in 2014, and up by 6% overall in 2015 compared to the previous year. The fact that mortgage approvals were 24% up in December, compared to December 2014, is also a sign of the growth during that 12-month period.

"Anecdotal evidence, and the testimony of our members, suggests that January has continued where December left off; indeed with the anticipation of higher stamp duty charges from April, there has been a considerable rush to secure mortgage finance, particularly by landlords, in order to complete by the 31st March and save on the stamp duty costs.

“One can therefore expect that mortgage borrowing and approvals will continue to show an upwards trend certainly through the first quarter of 2016. However, what comes after this point is pure conjecture at present, given the tail-off in demand that may occur once the 3% extra stamp duty charge kicks in. Indeed, landlords are already having to make judgement calls about whether they will be able to complete their purchases before the deadline and, over the next few weeks, we may well see more landlords pulling out of purchases because of an inability to do this. This will clearly have an impact on mortgage approval numbers, borrowing levels and will also have a considerable knock-on effect to all those who were ‘sitting’ within those property chains. ”

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