Mortgage switching at highest level in at least a decade

Tue Jun 28 2022 - 06:26

Mortgage approval activity increased in volume terms by 14.3 per cent year on year and in value terms by 25.3 per cent over the same period. Remortgage/switching approval volumes rose by 111.5 per cent year on year to 1,237 while the number of top-up approvals fell by 2.5 per cent year on year to 277.

“During the month of May switching volumes and values more than doubled in year-on-year terms with switching levels at their highest ever recorded since BPFI began collecting this data in 2011,” he said. “This is likely driven by higher housing prices. In fact, May 2022 saw the second highest recorded value for FTB approvals [after October 2020] and the seventh highest for mover purchase.”

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