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Mortgage application rate drops 'significantly' to 22%

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A reported a significant drop in completions, with only 22% of purchases completing in July, August, and September. This compares starkly to the first quarter of the year when 60% of applied mortgages completed. Remortgages exhibited a stronger completion rate of 64% from July to September. However, this was still 15% down on the figures from January to March. Nevertheless, the amount of new mortgage application submitted has risen consistently through to October and, since coming out of the first lockdown in June, is now back to pre-lockdown levels.

Posted by MMB Finance Swindon on 30 November 2020