Mortgage market 'may be on the mend'

By Jonathan Dawes, Wed 28 May 2008 - Published in Mortgages

Although there appears to be a downturn in the mortgage market, there is still some hope in the sector, an expert has claimed.

Drew Wotherspoon, a spokesperson for independent mortgage advisory firm John Charcol said that the latest figures from the British Bankers' Association indicate there may be a "ray of hope" shining through the whole sector.

"Mortgage approvals were up nine per cent in April compared with the previous month," she said, meaning the first signs of a recovery may be showing.

"That said, one month doth not make a trend," Ms Wotherspoon added.

But as well as the rise in overall mortgage applications, there has also been an increase in the number of remortgaging deals, which have risen by 24 per cent in one month.

This, she said, indicates that high street banks may by regaining an increasing share of the market and this may lead to them wishing to make yet more gains.

Earlier this month, John Charcol argued that borrowers are increasingly turning to fixed rate deals.

News Categories

News Archive

News: Mortgage market 'may be on the mend'