According to mortgage lending brokers across the country, accessibility to funds specific to purchasing property is becoming easier for those in search of funding for a residence. Since lending criteria became more difficult in the middle of 2014 with the Market Review, house hunters have traveled peaks and valleys in search of mortgage lending. Lending is more available now than it has ever been during the last three years, according to data from the Intermediary Mortgage Lenders Association.

During the first half of the year 2016, 26% of all brokers reported experiencing no problems finding mortgage lending for their clients. This figure increased to 30% in the second half of last year. Lending conditions are improving, even for first time buyers who are making an attempt to reach the first rung of the property ladder.

UK house owners are also living in favourable times in regard to the availability of attractive remortgage deals. Lenders currently have the luxury of offering a low interest rate deal with low administration fees making it possible for owners to save significant pounds each month off the cost of their monthly mortgage payment.

Peter Williams, IMLA’s executive director, commented on mortgage lending today, saying: “It is hugely encouraging to see a greater number of brokers are reporting that they are successfully arranging mortgages for a wide variety of clients. Over the past few years, regulations like the Mortgage Market Review (MMR) have raised the bar in terms of borrowers’ requirements, which some predicted would leave many borrowers locked out of the market. This new regulatory regime has made the intermediary channel more important than ever, and brokers are clearly doing a great job of helping people get a foot on the housing ladder.”

Williams added: “House prices have been growing faster than incomes over the past few years, which has challenged affordability. This issue has been particularly acute among first-time buyers, which means the fact that just 16% of brokers reported they were unable to source a mortgage for someone in this group over the six months is very positive news. Low mortgage rates have continued to support borrowers’ affordability by reducing monthly payments.”