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Mortgage drought fears allayed

Mortgage drought fears allayed

 



Video transcript

A member of the Financial Conduct Authority (FCA) has moved to calm fears that the Mortgage Market Review (MMR) will lead to home loan availability drying up.

The MMR will see new checks introduced so that lenders can be more confident in ensuring the borrowing consumer can afford the mortgage or remortgage repayments. This has led to concerns that it could bring the mortgage market`s recovery to a sharp halt.

However, that`s something that`s been rejected by the FCA`s Linda Woodall. The authority`s director of mortgage and consumer lending has assured would be borrowers that `the MMR will take the froth off the market`, but she adds that she doesn`t think it `will be the cause of a fall in mortgage lending`.

The market is still advancing, according to the Bank of England`s Trends in Lending report, which shows that mortgage approvals for house purchase continued to go up in the three months to February 2014, taking the level considerably higher than the same period in 2013.

This comes hot on the heels of Council of Mortgage Lenders` figures that showed gross lending in March stood at £15.4 billion. That was four per cent up on February and for the first quarter a whole, 2014 outperformed 2013 by 37 per cent.

Whatever the MMR impact is, First Choice is committed to finding you the most suitable mortgage for your needs from our lender panel. We can scour our product market and if we can help we will provide you with a no obligation personal illustration for you to consider.

To speak to our in house mortgage adviser team go to firstchoicefinance.co.uk or call us for free on 0333 003 1505 or 0800 298 3000.
 

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


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