Mortgage green lights

Rise in number of approvals to home buyers in May, says Bank of England

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The number of mortgages being approved to home buyers ticked up in May, marking the first month-on-month increase this year so far, according to Bank of England figures.

Around 63,000 mortgages were approved for house purchase in May, which was around 2,400 more than in April.

The Bank's Money and Credit report said: “This was the first increase since December 2024. Approvals for remortgaging (which only capture remortgaging with a different lender) also increased in May, by 6,200 to 41,500. This is the largest increase since February 2024.”

Stamp duty discounts became less generous for some home buyers from April. Stamp duty applies in England and Northern Ireland.

But several lenders have recently made changes to their mortgage affordability assessments, enabling some people to potentially borrow more, following clarification from the Financial Conduct Authority (FCA).