Residential Mortgage Borrowing Increases In January
Property developers will be pleased to read that in January 2017 gross residential mortgage borrowing by high street banks in the UK increased by 6.3% in comparison to the same month last year. This January such borrowing amounted to a total of £13.8 billion. This information was published by the British Bankers Association (BBA).
On a net basis, residential mortgage borrowing increased by 2.4% in January 2017 in comparison to January 2016. This is good news for high street banks and for customers requiring a mortgage to buy a home.
It is also interesting to read that figures for residential re-mortgage business was very good in January of this year. There were 28,863 approvals for re-mortgages in January 2017 with this being an increase of 15.7% when compared with January of last year. One of the reasons for this was no doubt due to some competitive, attractive re-mortgage schemes on offer by the high street banks.
It will be interesting to see what happens throughout the remainder of this year with regard to the number of people looking for a mortgage to buy a home. The way that the economy is performing and the employment situation play their parts in helping customers decide if they should consider moving home or perhaps extend their properties if they have a growing family and need more space and require a further advance from their mortgage lender towards the building costs.
Of course, if there is to be a big increase in the number of new properties to be built, then many property developers will require commercial finance to help fund the development project. In this respect, if you are a property developer, you will be pleased to read that, here at Commercial Mortgage Link, we can put you in touch with a specialist commercial mortgage broker who has access to an extensive panel of lenders. He or she will do all that can be done to try to help source a suitable development finance package.