New findings reveal promising trends in mortgage sector
The latest reports from the Council of Mortgage Lenders indicate a significant upswing in the mortgage market compared to the same period in 2011. The UK’s leading mortgage trade association revealed that gross mortgage lending last month amounted to £10.2bn, marking an increase from the £10bn total in April 2011. Though this was slightly lower than March’s immense £12.6bn gross lending, it’s evident that more newcomers and remortgage applicants are eager to venture into home ownership.
Beneath this year’s thriving mortgage scene, an intriguing trend emerges: buyers were keen to purchase before the stamp duty holiday expired in March. Rather than deterring homebuyers, the strong gross lending figures for April mirror the proactive mindset of UK home seekers, ever vigilant for great deals.
Those looking to secure mortgage deals will be pleased to know that more positive news awaits. Nationwide Building Society has reportedly ramped up its mortgage lending by over 40%, as per a report from the Guardian. One crucial aspect to remember in the surge of mortgage lending is the pivotal role played by first-time buyers. Nationwide granted approximately 24,000 mortgages to this group in the UK. With the UK currently celebrating the Queen’s Jubilee, the lending sector, encompassing both online loans and mortgages, is certainly giving people plenty to smile about.
