ARCHIVE: January mortgage lending highest since 2008
The value of mortgage lending in January 2017 reached its highest levels since 2008 figures from the CML have shown*. Mortgage Lending reached £18.9bn in January which is 2% higher than January 2016 but still 6% lower than December’s total lending of £20bn.
According to the CML, the strong market figures can be attributed to an increase in First Time Buyers and people remortgaging which has offset the weaknesses in the Buy to Let and home movers markets.
What this means to home buyers and home movers
Adam Nanson, Managing Director from Your Mortgage Expert comments:
“These figures do not come as a surprise and echo the experience of our mortgage advisers. We have been enjoying low mortgage rates in the UK for some time. This has meant that home owners have saved money on the amount they pay for their mortgages if they have snapped up one of the low deals available. And, many first time buyers have been stepping onto the property ladder while rates are low.
“However, as reported by us in December, there are predictions that the Bank of England might be set to put up interest rates. If this does happen, we could see mortgage rates start to go up for the first time in long time.”
How Your Mortgage Expert can help
Adam Nanson continues:
“At Your Mortgage Expert, we will search all the mortgage deals available on the market from a wide variety of lenders. This takes the hassle away from you having to search yourself, plus, many of the deals we have access to are only available through mortgage brokers like us.
“If you are thinking about purchasing a property in 2017, or switching your current mortgage lender get in touch with Your Mortgage Expert today to find out what you can afford and to see if we can save you money. We do not charge for initial consultation, so by talking with us, you are under no obligation to proceed. “
For further information about Your Mortgage Expert, visit the website at www.your-mortgage-expert.co.uk and visit the About us page. Or call us on 01722 322683.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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Tags: First Time Buyer