Mortgage Borrowing Remains Strong Despite Tough Economy
According to recent figures, mortgages are still at their most affordable in 35 years.
With low interest rates continuing to benefit borrowers, house lending has increased for first time home buyers as well as those seeking remortgage. The number of home loans rose by 2 per cent compared to May. In the last 12 months, there has been a 15 per cent increase overall. There were 6 per cent more mortgages in May compared with April. Since lenders are offering a wide variety of products combined with different plans, the number of loans to first time home buyers also rose. Even though a tough economy might make lenders more cautious, the Council of Mortgage Lenders hopes their forecast previously made of 150 billion pounds of mortgage lending this year comes to fruition. Although with low interest rates and the multitude of products available, mortgages and remortgages are still at historic levels.