Mortgage approvals for house purchases rose to a 70-month high in November, up 33 per cent from a year earlier, according to the latest Trends in Lending Survey from the Bank of England.
Our ability to source mortgages for our clients, whether that be for people who are staying put and remortgaging, or getting onto the housing ladder, continues to grow.
Mortgage pricing is more competitive
Mortgage rates at 75 per cent loan-to-value fell significantly between June 2012 and early 2013, partly boosted by the Funding for Lending Scheme. While the plug has been pulled on this initiative with the money now to be directed towards small businesses rather than individuals, many banks have not lent all their funds so we expect to see a continuation of competitive mortgage rates.
Borrowers are not stressing out
The Bank of England also reported that mortgage arrears fell slightly in 2013. The buy-to-let market is also looking resilient with little change to arrears, although fears remain this balance could shift when interest rates start to rise.
If you are are considering remortgaging, moving or getting on the housing ladder for the first time, get in touch for more advice as to the right deal for your circumstances.