Mortgage market bounces back
Mortgage approvals bounced back in January – despite the base rate hike to 0.5%. Some 67,478 mortgage applications were approved, which is the highest number in six months, according to the Bank of England. Remortgage numbers also ticked up on the month to 49,242, though this remains below the recent high of 54,010 in November. Mortgage interest rates have barely shifted with the rate rise however, with the average new secured loan costing 1.96%.