Gross Mortgage Lending Falls
You may be interested to read that in March 2018, according to UK Finance, the gross amount lent for residential mortgages amounted to £20.5 billion. This is actually a reduction of 2.3% when compared with March 2017.
Obviously this is disappointing news at a time when the economy has appeared quite stable. It is to be hoped that a reversal is seen in the gross mortgage lending figures in the coming months. Around April it is usually a busy period for people looking at moving home so we may see an improvement for that period.
Another disappointing statistic is that in March 2018 there was a fall in the total number of mortgages being approved by 15% when compared with March of last year. Approvals for house purchase dropped by not far off 21% when comparing March 2018 with March 2017.
There are no doubt numerous lenders trying to obtain as much residential mortgage business as possible so this has got to be good for people looking to buy a property for owner occupation or for people considering re-mortgaging in the hope that they can reduce their monthly outgoings or for people looking to purchase a property with the intention of then letting it out to tenants in the hope of making some money in the long term.
If you are looking to apply for a mortgage then there are a number of avenues open to you including speaking with your own bank or getting in touch with other high street banks and building societies or even the Post Office. You could also go on the Internet and find numerous lenders advertising their packages. Another way is to get in touch with a specialist mortgage broker who has an extensive panel of residential mortgages lenders at his or her disposal. The broker will discuss your requirements having first obtained your personal details and hopefully put together a lending packager tailor made for you.