Introducer TODAY: Demand for Mortgages Soars as rates war draws in applicants:

Latest Bank of England data released in recent days shows net mortgage approvals for house purchases rose from 47,900 in October to 50,100 in November, and net approvals for remortgaging up from 24,000 in October to 27,000 in November. Meanwhile, net borrowing of consumer credit by individuals amounted to £2.0 billion in November, up from £1.4 billion in the previous month. 

This is what Harps Garcha, Director at Brooklyns Financial commented: 

"This data matches what we saw on the ground. We experienced a surge in demand for both purchases and remortgages in November, and this trend continued in December and into the first week of 2024. Lower mortgage rates, falling inflation and the prospect of a cut to the base rate sooner rather than later, are driving demand and boosting confidence among buyers,"

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