Applications for mortgage exceptions expected to surge to record levels

Mortgage approvals hit record high levels in November, up 24% on the previous year, as applicants who had delayed buying decisions entered the market.

Applications for mortgage exceptions expected to surge to record levels. Picture: Joe Giddens/PA

Applications for mortgage exceptions are expected to surge to record levels this month as lenders respond to pent-up demand from borrowers, according to a mortgage expert.

Paused for most of 2020 due to Covid-19 uncertainty, banks are allowed to issue a certain amount of mortgage exceptions to Central Bank lending rules every year.