UK mortgage lending up 9 per cent in March

SUTTON COLDFIELD, U.K. - May 2, 2013 - PRLog -- This figure represents a 9 per cent increase on February’s gross UK mortgage lending figure of £10.6 billion but it is 8 per cent lower than £12.6 billion recorded in March 2012. However, this was just before the first-time buyer stamp duty holiday expired, distorting meaningful comparison. Gross lending for the first quarter of 2013 was estimated at £33.8 billion, which is approximately 9 per cent down on the last quarter of 2012 but matches the gross UK mortgage lending total for the first quarter of 2012.

Overall, conditions in the housing and mortgage markets continue to show signs of improving. The improvement in funding markets over the last 12 months or so, reinforced by the benefits of the Funding for Lending Scheme, has been the key catalyst behind the stronger housing market activity.

Also, the Help to Buy mortgage guarantee scheme, whilst still in an embryonic state, holds significant firepower and has the potential to further increase activity from 2014. The figures clearly illustrate a hardening of demand and the increase in lending is in large partly due to the benefits brought by the Funding for Lending Scheme.

Data from the latest Mortgage survey showed that about 70 per cent of UK homeowners feel the current value of their property is 'about right' and this more rational attitude is also stimulating market activity. As a result a marked increase in first-time buyer activity should only continue to gather pace in the coming months. Figures include lending on various types of mortgage including purchase mortgages, remortgages and buy to let mortgages.

Mortgages and remortgages in the UK are available to a wide range of borrower and a number of lenders have products specifically designed to match the circumstances of the borrower. For residential homeowners these include debt consolidation mortgages, bad credit mortgages, self employed mortgages and adverse credit remortgages. In addition, for buy to let property owners the specifically designed products include self employed buy to let mortgages, bad credit buy to let mortgages and debt consolidation buy to let mortgages.

As UK mortgage lenders are regularly changing products it is difficult to know if there is a better deal available unless you make multiple enquiries which can take a significant amount of time. Many mortgage brokers are able to carry out the research for you and recommend which mortgage or remortgage product best matches your needs, saving you the time and hassle. Despite the number of products for remortgages dropping over the last few years there are still thousands available on various types of deal such as fixed, tracker, off-set, discounted & capped. Again, which product is most suitable for you can be determined by an adviser who will establish your objectives from the mortgage and your personal circumstances to enable them to recommend the most suitable deal. For free no obligation mortgage advice in the UK visit http://www.caboodlefinance.co.uk/

Remortgages are available for people with a variety of circumstances and include those with a poor credit history or adverse credit and those who are self-employed. It is a common misconception that people with adverse credit cannot access mortgages, however the numbers of plans available are likely to be reduced and the rates available are likely to be higher than they would be for standard remortgages. Consolidation remortgages are one of the most popular types of remortgage taken out as they allow you to combine existing credit with your mortgage into one new monthly payment. This often reduces the overall monthly outgoings and the new mortgage is arranged on a product suitable for your personal circumstances over a term to suit your budget. For further details on consolidation mortgages in the UK visit http://www.caboodlefinance.co.uk/Index.asp?T=Mortgages-Debt-Consolidation-Mortgages

Another alternative for people looking to raise additional funds is a UK secured loan. The UK secured loan market has grown significantly over the last year or two as lenders have improved products and rates. In fact March saw the record month for UK secured loans for nearly four years, illustrating the strength of the market. Indications are that the secured loan market will continue to strengthen throughout 2013 so further record months are distinctly possible. The utilisation of secured loans in the UK has grown in part due to the flexibility they offer and the width of borrowers they are applicable to. Many secured loan providers in the UK are able to offer loans to people with a poor or adverse credit history and as such have designed products specifically for purpose which are bad credit secured loans, poor credit secured loans and adverse credit secured loans.

UK secured loans are available for almost any purpose and come with relatively small fees for repaying them early. The most common type of loan is a debt consolidation secured loan which allows people to clear their existing credit with one new loan often at a much lower monthly payment. Quite often secured loans are used for multiple purposes as people look to do home improvements, purchase a car or pay school fees whilst at the same time consolidating their existing credit. With loans available from £3,000-200,000 and terms of 3 -30 years a suitable repayment schedule can usually be found for most customers. For more information about UK secured loans visit http://www.caboodlefinance.co.uk/index.asp?T=Loans-Secured-Loans-3