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UK mortgage approvals for February surge 20% – 29th March 2021

A rush to secure mortgages before the end of what many thought would be the end of the stamp duty holiday in March has meant mortgage approvals for February were bumped up by 20% from the same month last year.

New data released this morning by the Bank of England shows a slight slowdown from borrowing levels seen in January, however borrowing levels in February were still exceeding those seen before the global Financial Crash in 2008.

Ashley Thomas, director of London-based mortgage broker, Magni Finance: “There are more higher loan-to-value products in the market today compared to a month or two back, a sign that lenders are making tentative steps to their pre-Covid offerings.

“We have seen an influx of clients looking to buy second properties outside London. Most have been looking at areas such as the Cotswolds and New Forest, where they can have a holiday retreat and even use it as their primary residence going forward if they are predominantly working from home.

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