Guaranteed Rent London | Highest quarterly mortgage lending stats since 2007
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Guaranteed Rent London | Mortgage lending is at its highest level since 2007, according to the latest data from the industry.
Despite the usual September downturn, lenders still advanced their highest quarterly total to borrowers for six years.
Paul Smee, director general of the Council of Mortgage Lenders, called the seasonal fall "expected", but praised the year-on-year improvement in the market.
"First-time buyers were a key driver in the first half of 2013 but now home movers and remortgages are showing renewed strength which puts the market in a good position to continue momentum into the final few months of 2013 and the new year," he added.
House purchase lending dropped by 14 per cent between August and September, although year-on-year is up 20 per cent.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said part of the reason for this is that first-time buyers are "extremely active", while the rest of the market is also continuing to pick up. Rent guarantee
"First-time buyers are finding it easier to get a mortgage, as Funding for Lending pushes down rates across the loan-to-value curve. Early data regarding the Help to
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Buy scheme suggest that first-time buyers are also primarily benefiting with more than 80 per cent of the Halifax's applicants so far being first-time buyers, for example," he continued.
We expect the scheme to significantly boost the number of first-time buyers in coming months." Guaranteed Rent London Mortgages are currently at their most affordable level for some time, due to low interest rates and a desire from lenders to appeal to borrowers in a difficult marketplace.
Guaranteed Rent London | Affordability is not yet an issue, even though first-time buyers continue to borrow slightly more relative to income than in previous months, added Harris.
"Cheaper mortgage rates mean total payments remain low relative to income, which is encouraging as it means those getting on the property ladder for the first time are not over stretching themselves.
"This is crucial as buyers must make sure the numbers add up and they can afford any mortgage they take out."