April was reported to be the strongest lending month since 2008 according to the data released by the Council of Mortgage Lenders (CML).  Mortgage values amounted to £16.6 billion which was 36% higher than April 2013.  April’s mortgage value level was 8% more than the gross lending in March.  It is also the highest level so far in 2014.

The level of mortgage lending may have surprised some as it was thought there would be fallout to the Mortgage Market Review (MMR) which requires borrowers to release more intimate details on their spending and saving habits.  The MMR also requires a stress test to determine if the borrower can afford the loan in the event of interest rate increases.

Some lenders have imposed ratio caps of mortgage level to income to help even further in assuring responsible borrowing.  Prime Minister David Cameron has also mentioned that he might consider changing the Help to Buy scheme to slow down the surging house prices.  The Help to Buy Scheme is thought to be aiding the strong demand for property as it assists home buyers into property with lower deposit levels.

The Office for National Statistics (ONS) released the latest house price index and noted that house prices have risen by 8% over last year and the average house price in the UK is now £252,000.

Interest rates have remained relatively low and lenders have been noted to have plenty of attractive products in mortgages and remortgages with brokers especially having great deals available for both hopeful home buyers and remortgaging homeowners.