Mortgage approvals above average in February in race against stamp duty hike

  The number of mortgages approved to home buyers was higher than average in February as buy-to-let landlords rushed to beat a stamp duty hike. Bank of England figures showed that 73,871 loans for house purchase with a total value of £13 billion were approved in February – compared with an average of 70,991 over the previous six months. February’s figure was slightly down on the 74,085 mortgages given the go-ahead for house purchase in January. Some 40,749 loans worth £7.3 billion collectively were also approved for re-mortgaging in February, which is broadly in line with the six-month average, the Bank said. From Friday, people buying second homes, including buy-to-let landlords, will pay three percentage points above previous stamp duty rates when they buy a property. If you are looking forward to translate this content, contact Translation Agencies UK Earlier this week, the National Association of Estate Agents (NAEA) reported that… Mortgage approvals above average in February in race against stamp duty hikeRead more