Figures for last month showed that mortgage lending had increased by 9% on the previous month of May. Although the amount of lending isn’t quite as buoyant as it has been, the increase in lending in June is 3% higher than that of June 2016.
It is suspected that many consumers have tightened up on spending since the increase in inflation and therefore confidence in the economic outlook is thought to be weakened.
As the housing market and the economy are closely linked, the amount of applications received by mortgage lenders can often dip and so the UK has seen the amount of mortgage applications plateau.
Despite the dampened outlook, this is a great time to take advantage of lower interest rates and possibly save thousands of pounds on your mortgage. There are some great fixed rate offers available currently and should interest rates rise in the near future, consumers could be in a great position by being tied into a lower fixed rate mortgage.
The amount of First Time Buyers is also up on the previous year with applications up by 25%. It’s hardly surprising however that the average age of a First Time Buyers are now getting older. There’s a large drop in the 18-24 age group buying their first home, the 25-34 age group has remained fairly steady but the increase in those aged 35 to 44 has almost doubled since 1996.
So whether you’re a First Time buyer or someone looking to save money on their mortgage by finding a better deal, we can help. Simply give us a call on 03333 44 85 11 or drop us an email at email@example.com