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, First Time Buyers, House Prices, Property Market | Tagged Bank of England, First Time Buyers, House Prices, Housing Market, London Mortgage Broker, Mortgage Market, Property Market |
It has been a dismal World Cup for the average England supporter, but whilst the Scots rejoice in our misfortune, we can reflect on the fact that with every negative there is a positive and lessons to be learnt for all of us.
So what can a bunch of overpaid, oversexed and overinflated egotists teach us all? The answer is simple. In order to deal with adversity and to move forward it is the team that is more important than any one individual, no matter how talented they may feel they are.
Someone told me the other day that I don’t seem to be as controversial as I used to be. I don’t think that is strictly true but maybe I have mellowed slightly now I am in a better work environment. I don’t generally believe in being controversial for the sake of it just to get headlines, but perhaps not being as young or as angry as I used to be has dampened my revolutionary ardour?
I must try harder.
Anyway, I was going to write a bit about fixed rates and the fact that I still think not enough people are taking them.
Let’s be honest, I am sure no-one expected to see that the Bank of England Monetary Policy Committee, (MPC), had suddenly raised rates from their current 0.5% level, although some commentators have been a little jittery with inflation nudging 3%.
What is more interesting is that not only have the MPC decided to take a pause in their campaign of Quantitative Easing, £200 billion seems to have been enough of a spending spree for now at least, but you could argue that Bank Base has now entered a new phase – I call it “the expectation phase”. This is where many people expect a change but are not quite sure when and it is this expectation that can be a driver for all manner of decisions.
Can anyone tell me where 2009 has gone? In fact, actually don’t bother as I suspect that like many we will be glad to see the back of another tumultuous year which has seen many dramatic changes.
The positive news is that 2010 looks like it will be a good year, in fact, I am sure of it.
There are many opportunities for all of us as things slowly begin to improve, and whilst I am under no illusions that it will be hard work, the positives are clearly there.
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.
