Mortgage numbers rise in March

Posted in General

5th May 2010

March saw nearly 50,000 (48,901) mortgages approved, compared to just over 45,000 (46,882) in February, which bodes well for the equity release market.

This works out as an extra £300m being spent on housing during the month.

New figures from the Bank of England also show that March's figure was 17 per cent higher than a year ago.

This will be good news for anyone entering into – or already in – an equity release scheme, as a greater demand for housing could see house prices rise, which gives homeowners more finance to extract.

Equity release is more preferable to moving house for many, as it means that they can stay in the same home, yet still benefit from the house's value.

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