Experian: Applications up 8% in May

Jake Carter

June 1, 2021

mortgage applications

Applications for mortgages in May 2021 were up 8% compared with levels at the same point in 2019, according to industry data released by Experian.

Experian found that applications from those under 30 saw the biggest growth (11%), now representing a larger share of the mortgage market than applications from those aged between 50 and 59.

Those in their 30s made the highest number of applications, up 8% on May 2019’s levels.

Mortgage enquiries via Experian’s comparison services were up by 73%, when compared with May 2019 figures.

Of these, home purchases continued to make up a higher proportion of enquiries than remortgages, which Experian argued highlights the impact of the stamp duty holiday extension.

Seb Worbs, product managing director at Experian Consumer Services, said: “Demand for mortgages remains robust as we approach the stamp duty holiday deadline on 30 June, with the holiday having allowed consumers to put down larger deposits.

“The fact that 95% mortgages have returned to the market has also had an effect, especially among younger applicants.

“If you are trying to secure a mortgage, be sure to use a broker or eligibility service to help you find the right lender and to ensure you get the best deal available for you.

“Having a strong credit score can be key as well, as people with higher scores tend to be able to access the cheapest mortgage rates.”

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