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July sees mortgage rates boost

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Mortgage prices grew by 0.8 per cent in July, according to figures.

Furthermore, the annual rate of growth in mortgage rates is more than double that of July last year, statistics from mortgage provider Nationwide indicate.

However, the building society's group economist, Fionnuala Earley, states that the rise in mortgage prices has not lessened the number of UK residents looking to find a mortgage.

House prices have been increasing more quickly than earnings for some time and fixed-rate mortgage rates have been increasing since mid-April, she said.

However this does not seem to have dampened demand as much as we may have expected.

Ms Earley asserts that as less Brits are able to find a mortgage they can afford, more are turning to rental properties.

This is boosting tenant demand and keeping the buy-to-let mortgage sector buoyant, Ms Earley states.

The expert also comments that more mortgage lenders are offering a higher loan-to-value deal, in a bid to help first-time buyers find a mortgage.

Recent figures from the Bank of England for June showed an increase in the number of mortgage approvals, with total mortgage lending rising by �9 billion for the month.

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