The mortgage market goes from strength to strength with the highest monthly lending figure since July 2008, according to the Council of Mortgage Lenders. Mortgage brokers are certainly busy as borrowers increasingly turn to an intermediary to help navigate the post-Mortgage Market Review world with its many challenges. Those who can jump through all the necessary hoops will be rewarded with some very competitive rates indeed – a trend which shows no signs of abating as lenders vie for business and interest rates look set to remain low.
The biggest challenge for borrowers is meeting lenders’ affordability criteria, as property prices continue to rise in many areas while wages fail to keep pace. First-time buyers will find it difficult to get themselves in a position to buy unless they have assistance from the Bank of Mum and Dad. This should keep a lid on the market and ensure we don’t return to runaway growth.