UK mortgage approvals continue to increase

The number of new mortgage approvals in Northern Ireland and the rest of the UK in November increased to a three year high according to new figures from the Bank of England.

New mortgage approval statistics relate to applications that have been accepted, but the mortgage money has not yet been drawn down. There were 54,036 mortgage approvals in November, and the continued increase is leading some commentators to predict an increase in activity in the property market in Northern Ireland and the rest of the UK in the first quarter of 2013. The Funding for Lending Scheme (FLS) is thought to be a main factor behind the increase in mortgage lending.

The main hurdle for first-time buyers continues to be the high deposit requirement of most lenders, with a recent Halifax report suggesting that the average deposit for a first time-buyer in 2012 was £27,239 - though that figure was based on an average of all regions in the UK.

If you are planning to buy a new house in Northern Ireland, or sell or remortgage an existing property, contact one of the conveyancing solicitors at Wilson Nesbitt in Belfast for information and advice by calling 0800 840 9290.

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