The end of the summer season revealed that mortgage lending was in demand from home buyers taking advantage of the opportunities in borrowing. Gross mortgage lending for all sectors of the residential market for September revealed a 3.7% increase over September 2018. The value of gross mortgage lending amounted to £22.3 billion according to data released by UK Finance.

The main high street banks represented £15.1 billion of the £22.3 billion for September with 85,880 approved mortgages. This level of mortgage lending for the high street banks represents a 15.8% increase over last year’s mortgage lending in September 2018.

UK Finance overall mortgage approvals reported amounted to a level of 13.5% higher for September this year over last year. Remortgage approvals were 23.4% higher for September 2019 than the same month in 2018 and other secured borrowing amounted to an 8.5% increase when comparing September 2019 to September 2018.

The demand from home buyers is expected to be lower in October. Caution is said to have set in for those yet to take action and advantage of the opportunities in the mortgage lending market. However, remortgages are expected to continue to perform strongly in the lending market due to high demand from homeowners seeking a secure fixed and low interest rate within the uncertain Brexit economic environment.

With fixed rates on mortgages and remortgages attached to attractive low interest rates, the motivation is there for home buyers and homeowners to seek out a beneficial deal where they could gain peace of mind for their financial future throughout the years ahead.