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06th January 2012

MORTGAGE NEWS

The UK mortgage lending market was broadly unchanged in the three months to the middle of December, compared with the previous months, as reported by the Bank of England.
Lenders had been expecting a small increase and blamed tighter wholesale funding conditions and fears over house price falls for the flat performance.

Looking ahead Britain’s banks and building societies are predicting that home loans will be more readily available in early 2012.

Product innovation could help drive demand from first-time buyers and those with small amounts of equity in the homes, as lenders launch higher loan-to-value deals that are backed by collateral from house builders.
At the same time, any pickup in credit availability could be offset by tighter credit scoring criteria between now and the Spring.

Some lenders have already revised down expectations for households’ disposable incomes and hence the affordability of taking out new mortgages.

More positively, the default rate on mortgages fell in the final three months of 2011 and is expected to fall further in early 2012.

In addition, demand for buy-to-let mortgages has increased for the sixth consecutive quarter, according to Bank of England data.

For a free Buy to Let mortgage quote contact Martin & Co mortgages at  info@martincomortgages.co.uk . At Martin & Co Portsmouth we are aware that your property is an important investment and serious financial venture. That’s why we take it as part of our responsibility to look after your property to the best standard and provide landlords and tenants with a pro-active property management team.

Contact Pauline Wilson on 02392 987001 or email pauline.wilson@martinco.com  to discuss your investment further.