Mortgage Lending Up Locally
Posted: 14/10/2011 Author: admin
Mortgage lending nationally and here in Frimley, Camberley Surrey
In August it was 30% higher than last year. In fact it’s believed that the UK mortgage market could be well on its way to recovery as new figures have revealed that 52,000 new house purchase loans were approved in August, an increase of 7%.
The report by the Council of Mortgage Lenders (CML) whose members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK said the new loans were worth £7.9 billion in total.
They also said that monthly mortgage interest payments are now an average of 9.4% of house buyers’ incomes, the lowest rate measured since the beginning of records in 2002.
An increase has also been noted in the number of loans available for remortgaging, which have risen by a third to 34,100.
Paul Smee, director general of the CML, said: “Even though it is impossible to ignore the knocks to confidence emanating from the eurozone, August lending showed welcome signs of life.
“With those moving house experiencing a record low in the proportion of their income needed to pay their mortgage interest, it is clear that the low rate environment is a benefit to those with mortgages, even against the backdrop of the gloom in the wider economy.”
Hey, I thought we were busy, obviously it’s not just us..
So if you want any help or advice on any aspect of new mortgages or remortgages, please get in touch.
Michael
