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Mortgage lending well down on peak

Mortgage lending well down on peak

 



Video transcript

The amount of money lent for mortgages may have been at its highest level since 2008 last year, but it`s still way down on the peak level which occurred the year before.

Council of Mortgage Lenders` (CML) figures show that the total reached £177 billion in 2013, up 49 per cent on the previous year. However, there`s still some way to go before it reaches 2007`s £363 billion or even 2008`s £253 billion.

Looking more closely at the figures and both the December and fourth quarter results were impressive, which could suggest that the housing market is building up a head of steam, but Bob Pannell from the CML notes that "lenders expect little if any boost to borrower demand this quarter".

However, the body adds that it anticipates a constant need for mortgage funding, due to a number of factors, such as the continuation of the government`s Help to Buy and Help to Buy 2 schemes and more people finding jobs.

That said, the availability of funds to feed this demand could be reduced following the withdrawal of the government`s Funding for Lending scheme for domestic purchases.

This is where First Choice Finance can help with our 25 years of experience in the mortgage and loan sectors we have access to multiple lending plans to suit many different circumstances and can identify the most suitable mortgage product for your situation from our panel of lenders.

If we can help then you`ll be presented with a no-obligation free personal illustration, so you can think you it over and decide what to do with no pressure on you. Discover more at firstchoicefinance.co.uk or call us on 0333 003 1505 on a mobile, if on a landline call 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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