The frustration felt by many individuals that banks still do not seem to be lending in sufficient quantities is still evident in the latest Lending To Individuals figures from the Bank of England, which explains the frustration felt by many would-be borrowers.
Just 47,643 loans were approved for house purchases and a mere 29,949 loans for remortgages meaning that both sets of figures have now dropped below their previous 6 months average.
First-time buyers have every right to feel discriminated against, as while mortgage lending has become more profitable for many lenders, it is too often targeted at those customers who are already well catered for. Lenders are continuing to walk the easy path.
Also posted in Bank of England Lending Figures, Best Mortgage Rates, Coreco, House Prices, Mortgage Brokers in London, Property Market | Tagged Bank of England, First Time Buyers, House Prices, Housing Market, London Mortgage Broker, Mortgage Market, Property Market |
We are finally on the cusp of the General Election with the outcome still not assured and whilst there are a few other trifling matters for the politicians’ to worry themselves about, (apparently we owe someone a lot of money for example), there are some other issues in the mortgage market that are provoking much discussion.
The main issue is around the nature of advice, especially with the news that Tesco, yes Tesco that well known bastion of professional independent advice, aim to enter the mortgage market. The question to ask therefore, is should mortgages be put on the same shelf as the weekly vegetables?
Last week was particularly interesting as HSBC released the latest in their line of headline grabbing products at an extraordinary rate of 1.99%, and I was asked to provide a comment. Comment I did, but I did not quite expect the furore that followed and the attempted rap on the knuckles HSBC themselves gave me.
Just when you thought Big Brother had been cancelled, along came HSBC and within minutes managed to get one of my quotes pulled from a website.
After deciding to watch the last few minutes of the tennis which turned into an enthralling hour or so and a hot sleepless night punctuated by a restless little boy crying, I dragged myself out of bed before 6 am to the hallowed halls of the BBC to do a live TV interview on house prices.
Although the usual nerves kicked in, I enjoyed it even if being interviewed standing up was new! Actually, standing up was a good way of doing it and Simon Jack is a very good interviewer who keeps things flowing and certainly knows his stuff.
Andrew Montlake, Communications Director at Coreco and ‘Mortgage Personality of the Year 2008’, gives his views — honest and no holds barred — on the latest developments within the mortgage and property markets.
