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.
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