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Building Society Mortgage Q1 Lending Drops YoY

STIPEND Mortgage

First Quarter Mortgage Loan Approvals


Mortgage Loans Approved

% Change (Previous Quarter)

Q1 2022


​Q1 2023



Q4 2022



In the first quarter of 2023, building societies approved 85,234 mortgage loans. This represents a 24% decrease compared to the 111,723 mortgage loans approved in the first quarter of 2022. However, it is a 13% increase from the 75,758 mortgage loans approved in the final quarter of 2022.

The latest data from Moneyfactscompare reveals a decrease in product choice in both the residential and buy-to-let mortgage sectors. In the residential mortgage sector, several institutions have withdrawn selected fixed mortgage products in the past few days. These include:

  • Bank of Ireland UK

  • Bath Building Society

  • Furness Building Society

  • Newcastle Building Society

  • Halifax

  • Hinckley & Rugby Building Society

  • Hodge

  • Kensington

  • LendInvest

  • Marsden Building Society

  • MPowered Mortgages

  • Principality Building Society

  • Scottish Building Society

  • Vernon Building Society

Additionally, Aldermore, Foundation Home Loans, and Tipton & Coseley Building Society have withdrawn their entire fixed rate range.

Since the beginning of last week, there has been a decrease in the number of mortgages from 5,385 to 5,012. Additionally, the average rates for two- and five-year fixed mortgages have increased to 5.38% and 5.05% since May began.

The buy-to-let market has also experienced lenders pulling fixed deals resulting in a surge in average rates. Some lenders like Precise Mortgages, Kensington, Kent Reliance, Hodge, and Marsden Building Society have withdrawn selected fixed mortgage products in the past few days. Meanwhile, Aldermore, Bank of Ireland UK, CHL Mortgages, Fleet Mortgages, Foundation Home Loans, and The Mortgage Lender have removed their entire fixed rate range. As a result, the number of buy-to-let mortgages has also decreased from 2,748 deals to 2,343 since last week. The average rate for a two- and five-year fixed buy-to-let mortgage has increased to 5.61% and 5.52% since May began.

Ian Angus-Felton, senior mortgage broker at Greenshoots Financial, said: "It is so important, now more than ever, to see out quality independent mortgage advice. The market is continually changing, and as independent brokers, we have visibility of changes as they happen, using our knowledge, expertise and access to the market to match our customers with the products available to suit their requirements."

With our extensive network of lenders and personalised approach, we can help you find mortgage and insurance products to suit your needs and budget. So don't let the mortgage process stress hold you back - contact us today.

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