New findings show positive trends in the mortgage sector
The latest updates from the Council of Mortgage Lenders highlight a noticeable improvement in the mortgage market compared to the same time in 2011. The UK’s primary mortgage trade association reported that gross mortgage lending last month reached £10.2bn, up slightly from £10bn in April 2011. Although this figure is a bit lower than March’s substantial £12.6bn gross lending, it’s clear that more first-time homebuyers and those looking to remortgage are eager to enter the market.
An interesting pattern has appeared beneath this year’s active mortgage landscape: many buyers were keen to complete their purchases before the stamp duty holiday ended in March. Instead of discouraging potential homeowners, the strong lending figures for April reflect a proactive attitude among UK home seekers, consistently on the lookout for good deals.
There is more encouraging news for those seeking mortgage deals. The Nationwide Building Society has significantly increased its mortgage lending by over 40%, according to a report from the Guardian. It’s important to note the critical role first-time buyers play in this lending surge. Nationwide issued around 24,000 mortgages to first-time buyers in the UK. With the nation currently celebrating the Queen’s Jubilee, the lending sector, covering both online loans and mortgages, is providing plenty of reasons for people to be cheerful.