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Fixed Rate Mortgage Up

After a period of falling mortgage approvals, mortgage applications are now on the rise.

Over 80% of borrowers chose to apply for fixed rate mortgage.

The Mortgage Advice Bureau revealed in a recent report that the number of mortgage applications was up by 11.6% in February2011 and 20% in March 2011 compared the previous year.

Fixed Rate Mortgage Up

Fixed Rate Mortgages Are Up

Though its worth noting this is only applications and doesn’t always translate into approvals.

The most interesting statistic to come out of the report is the amount of fixed rate mortgages applied for. Customers are fully aware of the current financial climate and are prepared to fix at a considerably higher rate to provide a long term consistent package.

Other details reveal the average loan size increased by 3.3% from February 2011. The loan-to-value ratio decreased from 71.4% in February to 69.9% in March.

There is a little competition building between lenders that is helping to ease the cautious concerns we’ve seen in previous years.

posted by Zane in Lending,Mortgage and have No Comments

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