Mortgage applications rocket as rates fall
Total mortgage applications for April 2013 were up by more than 50% year-on-year, fuelled by a monthly spike of 10% according to the National Mortgage Index from Mortgage Advice Bureau.
The growth was driven by fixed rates falling for a ninth consecutive month, prompting 80% more consumers to choose fixed deals compared to April last year. Fixed rate deals have now been the product of choice for more than nine in ten borrowers every month during 2013, having reached this level of popularity just once in the previous 36 months.
An influx of purchase customers helped to boost activity levels in the market during April. While the total volume of applications was up by 10% from March and by 54% year-on-year, performance was even stronger in the purchase arena.
This new found competition between lenders means there is plenty of reason to shop around and seek advice to secure a favourable offer.