Industry body for mortgages finds refreshing results
New statistics from the Council of Mortgage Lenders shows that the mortgage market is bouncing back compared to 2011. The trade association for mortgages in the UK found that the gross mortgage lending last month was £10.2bn, which was an increase from April 2011’s total of £10bn. Even though last month’s figures were slightly down compared to March’s bumper £12.6bn gross lending pot, it’s clear that more first time buyers and remortgage applicants are flocking to take the rite of passage to own a slice of bricks and mortar.
Underneath the improved mortgage market this year lies another interesting trend: how buyers bought ahead of the stamp duty reprieve that was lapsing in March. Instead of making buyers feel hesitant to jump feet first into property, the robust gross lending figures for April show the forward thinking of UK house hunters always on the lookout for a good bargain.
For people looking to scoop up mortgage deals, more good news is on the way. Building society Nationwide has increased its mortgage lending to over 40%, according to a report in the Guardian. The key element to remember in relation to the boost in mortgage lending is the starring role first time buyers play. Nationwide provided around 24,000 mortgages to first time buyers in the UK. As the UK heads into the season of the Queen’s Jubilee, the lending sector which includes loans online and mortgages is giving people a lot to cheer about.