Adam Oldfield, chief revenue officer at Phoebus, says:

“The lending figures for May make for good reading with gross lending going up following declines in recent months. It bodes well for the immediate future that mortgage approvals have also risen although they are still low compared with the last decade.

“The remortgage figures have also gone up, which is not surprising as many people took two-year fixed rate products during the Covid pandemic stamp duty holiday era. The problem is that for many of those people who bought at the height of the market, they may struggle with a big rise in their monthly payments as rates for many could be three times higher than two years ago.”