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Mortgages taken out at highest level since 2007

As experienced Mortgage Brokers in Bishop’s Stortford Enables independent financial advisors have seen lots of changes in the housing market over time. Recently it is interesting to note that despite signs of a slowdown in late summer, figures from mortgage lenders showed that from July to September 188,000 mortgages worth a total of £32.4bn were advanced to first-time buyers and home movers. The Council of Mortgage Lenders said that this was “the highest totals since the final three months of 2007 when the housing market downturn was just beginning”.

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It is also the case however, that although rising house prices mean the value of those loans has almost returned to its pre-crisis level, the number was still below the 223,900 recorded in quarter four of 2007, and lower than in any quarter between 1996 and 2008. And the number of borrowers re-mortgaging has picked up, rising by 20% during the month, although despite a fierce price war breaking out between lenders, it was still down by 12% on September 2013.

Paul Smee, director general of the Council of Mortgage Lenders said it had been a year of change, transition and growth as banks and building societies have got to grips with new rules on lending.
He added: “The lending market is healthier than it was a year ago, and set to remain so. Re-mortgaging has returned as a driver of lending volume in the buy-to-let sector. But any fears of over-heating in the housing market are now dissipating as house purchase lending activity seems to be softening.” Whatever your mortgage requirements Enable’s IFA’s in Bishop’s Stortford are here to help.

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.

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