It’s not all doom and gloomy in the mortgage market says leading broker John Charcol.
The mortgage advisory firm says that despite media reports of a subdued market place, purchase business for residential property and buy to lets is actually performing quite well and there is a glut of suitable products available.
Simon Collins, product and technical manager at John Charcol, said that it saw a ten per cent increase in the amount of mortgages agreed during October compared with the same month in 2010.
“Despite the approaching festive season, we have seen the number of good quality purchase enquiries hold up very well, so whilst the market’s not great, it’s not as bad as it’s being painted,” he stated.
Last week, the latest Mortgage Monitor from chartered surveyors e.surv found that mortgage approvals for property purchases during November reached its highest number since December 2009 and were up some 15 per cent on November 2010.
Mortgage Rate and Home Loan News
Showing posts with label UK Mortgage Market. Show all posts
Showing posts with label UK Mortgage Market. Show all posts
Wednesday, December 14, 2011
Friday, August 01, 2008
UK Mortgage Market
After 9 months of uncertainty the fallout from the Northern Rock debacle finally hit the mainstream mortgage market in May. During the early Post Northern Rock months it was those with adverse credit history and mortgage brokers that needed Sub Prime mortgages who felt the squeeze. But mortgage lender’s started to tighten their lending criteria and, one by one, retired from the market.
Mainstream mortgages became more expensive and criteria less flexible during the first four months of 2008. Borrowers became increasingly aware that mortgages were becoming more difficult to arrange. And finally, in May, the whole of the UK’s mortgage broking community juddered to a halt as the market hit the bottom of this cycle. read more
Mainstream mortgages became more expensive and criteria less flexible during the first four months of 2008. Borrowers became increasingly aware that mortgages were becoming more difficult to arrange. And finally, in May, the whole of the UK’s mortgage broking community juddered to a halt as the market hit the bottom of this cycle. read more
Sunday, February 17, 2008
UK Mortgage Market - Feb 2008
This year has got off to a strange start. Very quiet for the first two weeks of January, very busy for the last two, then quiet again for the beginning of February. But, clearly, we are living through unique times.
For the first time in nearly 30 years, borrowers are going to have to contend with a market in which there is more demand for mortgages than there is supply of funding. For most of the last three decades, mortgage funding has been abundant and growing all the time.
The much discussed (here and elsewhere) difficulties of the American mortgage market and its knock-on effect in the mortgage market here in the UK is really beginning to bite. As predicted, more secondary lenders are starting to withdraw from the market – Morgan Stanley’s Advantage Home Loans being just the latest – and those lenders who remain are being overwhelmed with demand when they have a fairly competitive rate.
For the first time in nearly 30 years, borrowers are going to have to contend with a market in which there is more demand for mortgages than there is supply of funding. For most of the last three decades, mortgage funding has been abundant and growing all the time.
The much discussed (here and elsewhere) difficulties of the American mortgage market and its knock-on effect in the mortgage market here in the UK is really beginning to bite. As predicted, more secondary lenders are starting to withdraw from the market – Morgan Stanley’s Advantage Home Loans being just the latest – and those lenders who remain are being overwhelmed with demand when they have a fairly competitive rate.
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