“Today’s Bank of England data shows the mortgage market finally hit the accelerator in April with the highest number of loans approved since February 2014. A ten percent monthly jump in mortgage approvals is the biggest for over two years and an encouraging sign for consumers that there is plenty of life left in the mortgage market.
“Lenders have been forced to batten down the hatches over the last year to adapt to new regulations. With the Mortgage Credit Directive (MCD) on the horizon, we are still caught in the eye of the regulatory storm – so it is reassuring to see that more people are being approved for loans than at any point since the Mortgage Market Review (MMR) rules took effect. In particular, the rush of remortgaging proves that existing borrowers are still able to switch loan under the new affordability regime.
“Lenders are working hard behind the scenes to prepare the ground for the MCD and ensure the transition is as smooth as can be hoped for in practice, so there is every prospect for modest but sustained growth in the second half of this year.”
For further information please contact:
Andy Lane / Will Muir, Instinctif Partners
Tel: 0207 427 1422 / 29 / Email: email@example.com
Notes to Editors
The Intermediary Mortgage Lenders Association (IMLA) is the trade association that represents mortgage lenders who lend to UK consumers and businesses via the broker channel. Its membership unites 43 banks, building societies and specialist lenders, including 16 of the top 20 UK mortgage lenders responsible for more than £180 billion of annual lending.
IMLA provides a unique, democratic forum where intermediary lenders can work together with industry, regulators and government on initiatives to support a stable and inclusive mortgage market. Originally founded in 1988, IMLA has close working relationships with key stakeholders including the Association of Mortgage Intermediaries (AMI), UK Finance and the Financial Conduct Authority (FCA).