It was the London and South east area of the UK which saw the biggest rise in mortgage purchase approvals, with a 12.3% increase in mortgage applications approved. IN a month that reconfirmed the north south divide within the property market in the UK, there was just a 2.8% rise in Cumbria and the North East, with mortgage approvals actually falling within the Scotland area.
Although lending criteria has remained largely static with the average loan to value ratio unchanged on the previous month’s figure at 60.4%, the mortgage broker and the prospective mortgagee will be pleased by mortgage lenders new found desire to accept the right client after years of tight lending structures.
Although a number of higher Loan to Value mortgage ratios and products have been introduced within the mortgage industry within the last couple of months, advice is still often needed to be undertaken with criteria often very restrictive for the majority of lower income mortgage buyers
He says: “Lenders still have to deal with significant risks to their balance sheets so, after a concerted effort to meet lending targets for the first half of the year, the next few months could see a return to a lower level of activity as they ration funds cautiously in the third quarter.”
Today’s news can only be seen as a positive for the mortgage broker and the mortgage industry as a whole. Here’s hoping that mortgage and remortgage applications continue to be accepted by a number of mortgage lenders, helping to kick start the market and the wider UK economy.
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