Blog Archives

‘Sustainable and healthy’ mortgage market as lending up 5% month on month

20.11.2014

The Council of Mortgage Lenders estimates that gross mortgage lending reached £19 billion in October, a 5.5 per cent increase on September. However, the annual growth rate of 8 per cent is rather lower than the 40 per cent year-on-year jump seen in January. It makes for a more sustainable and healthy market, free from boom and bust.

With the Bank of England suggesting that the first interest rate rise won’t be until the end of next year, at the earliest, this will boost activity in the mortgage market. Many lenders are cutting their rates in an effort to generate more business, particularly as the introduction of the mortgage market review slowed things down earlier this year. There are some great mortgage offers around for those buying or remortgaging, and this will continue well into next year.

All we need now is for lenders to come up with innovative products that will solve some of the issues created by MMR. In particular, something directed at older borrowers who are struggling to get a mortgage, remortgage or even guarantee a child’s mortgage because of their age.

Jonathan Harris
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Jonathan Harris

Housing market cooling, says CML

11.11.2014

The number of first-time buyers and home movers declined in September for the second consecutive month, according to the Council of Mortgage Lenders (CML). This suggests a growing lack of confidence among buyers.

However, it is not all bad news with remortgaging activity rising in September compared with August. Borrowers are finally beginning to realise what excellent rates are available to them as lenders cut their fixed-rate mortgages. There are also growing fears of an interest rate rise, which is a strong motivator in getting people off their lender’s standard variable rate and onto the security of a fix.

Jonathan Harris
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Jonathan Harris

Money Box Live: Anderson Harris advises Radio 4 listeners

06.11.2014

Jonathan Harris, director of mortgage broker Anderson Harris, yesterday appeared on Money Box Live on BBC Radio Four, joining a panel to answer listeners’ queries regarding mortgages.

The panel discussed lenders cutting mortgage rates, what might happen to interest rates, whether it’s tougher to get a mortgage since the Mortgage Market Review and what you should do about getting a mortgage if you are self-employed.

To listen to the programme, please click on the link: http://www.bbc.co.uk/programmes/b04n601d

Jonathan Harris
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Jonathan Harris