Uk Mortgage Market Continues To Grow

Posted on: 13 November 2019

UK mortgage market continues to grow

UK mortgage market continues to grow

2019 has seen record levels of mortgages approved, with lenders in the market in the midst of fierce competition with one another to win customers, which is providing many of us with the chance to obtain particularly favourable mortgage rates.

The latest figures from UK finance show that the mortgage market in the UK is continuing the current rate of growth, with the number of first-time buyer mortgages up 5.8% year-on-year and home mover mortgages also up by 1.4%. Interestingly, buy-to-let mortgages have also seen something of a renaissance after a period of decline due to government changes with regards to taxation, signalling that there is once more opportunity in the marketplace for those looking to invest.

“It appears that no matter what happens in Westminster, and who can predict what might happen next, that people are still moving or managing to get on the housing ladder,’ said Richard Pike, Phoebus Software sales and marketing director.

“With an increased number of longer-term fixed rate mortgages that have been taken out since the referendum, it is unsurprising that remortgage figures are down. Until the uncertainty that is being felt across the country is over, one way or another, that trend is likely to continue as borrowers look for some kind of certainty, at least for their finances,” he pointed out.

It would appear that the competitive mortgage rates which are currently present in the market are trumping any concerns that people may have with regards to Brexit, and therefore many are making the most of the bargains which are available.

According to Adrian Moloney, sales director at OneSavings Bank, a number of buyers abandoning the wait and see approach. “This has been helped by mortgage rates remaining as competitive as they have been for some time, alongside high employment and improved earnings. In this market, there are bargains to be had and it seems some are making the most of these now,” he explained.

Share:


Recent Articles

20 December 2024

How To Make Your Pets Look As Festive As Possible On Christmas Day

One fun way to involve your pets in the celebrations is to dress them up for Christmas Day. 1. Christmas Jumpers • Cosy Knits: Your dog or cat can stay warm and fashionable in a soft, light jumper with festive designs like reindeer or snowflakes, especially if they have short fur...

18 December 2024

Get A Festive Grip On Your Garden Pathways!

Ensuring your garden pathways are safe and not slippery over the festive season is crucial, especially when greeting visitors. Cold, damp, and icy weather can make outdoor surfaces hazardous, but a few easy precautions can help keep paths safe. Maintaining clean, well-lit, and grated...

17 December 2024

Buyers And Sellers, Act Now: Sales Surge Amid Stamp Duty Increase

  Stamp Duty Land Tax changes are coming into effect 1st April, and purchasing a new home before this date can save you thousands of pounds.   As we approach the April stamp duty deadline for England and Northern Ireland, there is no denying the bountiful...

Get an instant online valuation

Find out how much your property is worth