Has mortgage lending plateaued? It is a very complex question so who can tell but even a slowdown may mean that it may not be as easy for borrowers to get the money they need to purchase a property.
The Council of Mortgage Lenders (CML) has indicated that gross lending in September was down one per cent from the previous month, mainly thanks to falling demand in London. It`s still higher in Greater London than the rest of the country, but it`s just not growing at as strong a rate as previously.
Over the longer term, lending is still doing better than it has been: for the third quarter, £55.5 billion was borrowed for mortgages, up eight per cent on the second quarter and 13 per cent on the same time in 2013. It`s thought that much of the apparent slowdown is due to the industry getting used to the Mortgage Market Review regulations.
If you`ve been looking for a home loan without any help and have struggled, you may have better luck by coming to an intermediary like First Choice Finance, as we`re able to access multiple lenders products and give you advice on those mortgages. As an experienced mortgage broker that will scour our mortgage and remortgage solutions to ensure that you end up with the most suitable deal for you.
Your dedicated, qualified mortgage advisers and our in house finance team will provide you with the help and support you need to become a first time buyer, move house or remortgage your current home. Customers quite rightly always have the choice of when to proceed and who with, so only when you are happy with what is tabled will we move forward, otherwise we hope you come to us next time around.
Find out if we can help you by visiting first choice finance.co.uk or calling us on 0333 003 1505 or 0800 298 3000.
However, there could be good news for people looking to buy a home now as a result of time lines and at the end of the day lenders need to lend, so to achieve volume targets mortgage providers may be looking to make up for lost time by offering discounted deals before the year comes to an end.
This will help them bump up the number of deals they`ve completed before the end of December, with some lenders launching mortgages that come with their lowest APRs for a long time, something that would have been unimaginable just a few years ago.
An added bonus of these lower interest rate deals is that you might decide get locked in to a really low one at a time when there`s more uncertainty than ever over the future of the Bank of England`s base rate. You may well be locked onto that rate you choose but critically so is the lender, if the base rate moves up there is little or nothing they can do about your fixed low rate until your fixed mortgage repayment period ends.
The Bank Of England base rate is used by lenders to decide how much interest you will pay on your mortgaged property and while some experts reckon that it won`t go up any time soon due to wider financial problems in Europe and abroad, others see the impressive recovery that`s been experienced in the UK and think it`s only going to be a matter of time.
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
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.
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