Mortgage lending rises

According to the Council of Mortgage Lenders, mortgage Lending reached £20.4 Billion in December 2016, down on the previous month but this would have been down to seasonal reasons.  Still this figure is 4% higher than the previous year.  Gross mortgage lending reached £246 billion in 2016, the highest figure since the financial crash in 2008. This confirms what we have been feeling in that lenders want to lend again.

Approvals for house purchases have recovered strongly and this should also feed through to lending figures in the early months of this year.

The main issue to purchases is the lack of properties available on the market which adds to the challenges facing buyers moving forward.

Stephen Mills of Mortgage Pathways states “Following the removal of the Help to Buy Mortgage Guarantee scheme we feared that this would have an impact on the availability of credit for would be buyers. We are finding there is more competition in the market place,  launch of Atom Bank, Tesco’s bank now working with brokers, HSBC reducing rates, all of these things are making credit cheaper for the consumer”

Halifax have launched a 95% mortgage for specialist New Build brokers such as ourselves where you are allowed to retain and rent out your current homes.  This was one of the main restrictions of the Help to Buy mortgage guarantee scheme. No other interest in property was allowed.

If you are looking to purchase a new home or remortgage your current home please contact your local branch.