Latest figures from the Council of Mortgage Lenders (CML) has found that the mortgage market was stronger than expected in 2015. In fact, there was £214 billion worth of home loans agreed during last year. This was reported on the AOL website in December*.
As a result of these latest figures, the CML has revised its estimates for 2016 and now expects £237 billion worth of home loans to be agreed instead of the original estimate of £230 billion.
The CML, which previously estimated that £209 billion-worth of mortgages would be handed out during 2015, has now revised this figure up to £214 billion.
What this means for home buyers and home owners
Adam Nanson, Independent Mortgage Broker at Your Mortgage Expert comments:
“We have started the year incredibly busily, so it is no surprise to me that the CML is forecasting a positive year ahead for the mortgage market. What with the new Help to Buy ISA and the changes in Stamp Duty, the mortgage market has continued to be in the press and people are taking advantage of the low interest rates while they last.
“The CML is also predicting higher than expected activity level from the Buy-to-Let market in the first quarter of 2016*. With some landlords choosing to complete purchases earlier in the year before the new Stamp Duty rules come into effect in April.
How Your Mortgage Expert can help
“Although interest rates are set to stay low, we are starting to see that lenders are increasing their rates. In, fact, the average two-year fixed rate rose from 2.68% in August to 2.72% in September, for the first time in 12 months**. It would therefore be prudent for homeowners and buy-to-let investors to fix their mortgages to avoid missing out on the really low mortgage deals that are currently on the market.
“Your Mortgage Expert is independent which means we know all the current deals on the market and can make the most appropriate recommendation for you based on your circumstances. Some of the deals may only be available through independent advisers like us. So whether you’re looking for a fixed rate, variable rate or you’re a First Time Buyer, Your Mortgage Expert can review your circumstances and give you the most appropriate mortgage rate advice based on your affordability.”
To speak to Adam Nanson about your next mortgage, ring him now on 01722 322683 or complete a contact us form and let him know when he can call you back.
We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
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.
Most forms of Buy to Let mortgage are not regulated by the Financial Conduct Authority.
Please be aware that from 6 April 2016 higher rates of Stamp Duty Land Tax will be applied to the purchase of additional residential and non-residential properties. For further information visit the Government website on the consultation. Please note, by clicking on the link you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. SECURING SHORT TERM DEBTS AGAINST YOUR HOME COULD INCREASE THE TERM OVER WHICH THEY ARE PAID AND THEREFORE INCREASE THE OVERALL AMOUNT PAYABLE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
Please note: the below links will take you away from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
* Source: http://money.aol.co.uk/2015/12/17/mortgage-lending-in-2015-stronger-than-forecast-with-214bn-of-home-loans/
**source: What Mortgage Website, 28th October 2015 http://www.whatmortgage.co.uk/news/fixed-rate-mortgages-near-record-levels/