Enable Independent, Independent Financial Advisors in Bishop’s Stortford have seen the impact that the “Help to Buy’ scheme has had on the property industry, with an increase in home prices stretching across England and Wales according to the Land Registry report. Greater price activity continues to be experienced in London, with some property experts predicting that prices will have doubled in our capital by 2020.
Which has directly resulted in the competition between mortgage lenders increasing in the UK. Mortgage market share in 2012:
Lloyds Banking Group: 18.3%
Coventry Building Society: 3.6%
Virgin Money: 3.4%
Yorkshire Building Society: 3.2%
Source: Council of Mortgage Lenders
Since the global crises a number of mortgage lenders have merged, and they have been responsible for the main amount mortgage lending to date, but since then some of the smaller lenders have become more forceful.
The CML stated: “Competition in the market is growing, bringing with it benefits to consumers shopping around for the mortgage deal to best suit their needs.”
Lloyds banking group is still the largest lender with a 18.3% market share, Nationwide is now second in line with 14.8% of gross lending in 2012, Barclays was third last year, HSBC fourth, Santander fifth.
If you would like help and advice when buying a home then why not contact our team of IFAs we are Independent Financial Advisors which means that we are not tied down to one mortgage lender, so we can help you to find the best deal to suit you from across the entire mortgage place.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE.