Mortgage approvals for house purchases rose to 65,900 in April, up from 63,600 in March, but net mortgage borrowing dropped to £4.4bn from £6.8bn, according to the Bank of England. For landlords, that mix matters: buyer demand is still moving, but the money behind the market is not flowing as freely.
The latest Bank of England Money and Credit release also showed approvals sitting above the previous six-month average of around 63,100. At the same time, secured gross lending eased to £27.5bn, suggesting activity held up better than borrowing volumes.
That matters now because landlords weighing purchases, exits or refinancing are trying to read two signals at once. Transactions can stay relatively steady for a while even as higher borrowing costs start to squeeze demand, especially in more stretched parts of the market.
Approvals improve but lending momentum weakens
The headline number was the rise in approvals for house purchase, a forward-looking measure often used to judge market direction over the next few months. But the softer lending figures point to a more cautious backdrop.
Landlords will recognise the pattern. The market has not frozen, but borrowers are becoming more price-sensitive and lenders are not seeing the same urgency that pushed activity earlier in the year. That leaves room for deals to happen, but less room for over-optimism on pricing or refinance assumptions.
This follows Landlord Knowledge’s March report on mortgage approvals hitting a two-year low, when buyer caution looked more entrenched. April’s rebound suggests demand has not fallen away, but it is not yet strong enough to offset the drag from tighter affordability.
Why landlords should watch the borrowing gap
For buy-to-let investors, approvals rising while borrowing falls is a useful warning sign. It can mean buyers are still entering the pipeline, but doing so with smaller loans, more caution or more sensitivity to rate changes.
That is especially relevant after recent signs of softer price momentum, including Nationwide’s latest house price reading. If borrowing remains subdued, landlords looking to buy may find better negotiating conditions over the summer. Those looking to sell may need to be more realistic about price expectations.
The Bank said remortgage approvals were broadly unchanged from March. That steadier picture should give some reassurance to landlords coming off fixed deals, but it does not remove the pressure on monthly payments where rates remain well above the lows of recent years.
What this means for landlords
- If you’re buying: approvals suggest there is still competition, but weaker borrowing growth points to a more price-conscious market.
- If you’re remortgaging: unchanged remortgage approvals suggest lenders are still active, but affordability tests remain tight.
- Watch for: whether approvals keep rising in the next set of BoE data or slip back as higher rates feed through.
- Bottom line: activity is holding up better than the lending figures, but this is still a market that rewards caution over haste.
Editor’s view
Landlords do not need a booming market to make good decisions. But they do need to separate surface resilience from the harder cash reality underneath it. April’s numbers say the market is still moving, just not with much spare momentum.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 02 June 2026
Sources: Bank of England
Related reading: Mortgage approvals hit two-year low as buyers hold back
