Low mortgage rate products help gross mortgage lending to hold steady.
Lenders low mortgage rate deals helped gross mortgage lending figures to remain stable in February.
Gross lending for February is an estimated £10.7 billion which was virtually identical to January’s gross lending figure of £10.65 billion, according to the Council of Mortgage Lenders
Bob Pannell, the CML chief economist commented on February's figures saying that a seasonal decline had been expected over the winter months. However the CML forward estimate suggests February was the seventh consecutive month to experience an increase in year on year mortgage lending.
He added that this increase indicates that mortgage lending remains buoyant in advance of the stamp duty concession ending.
Lenders low mortgage rate deals, in conjunction with the launch of the Government's NewBuy scheme, may be significant in addressing would-be borrowers needs post stamp duty holiday.
The NewBuy scheme may offset any possible dip in first time property buyer activity which could occur because of the end of the stamp duty concession.
First time property buyers will be relieved to know that home purchase is still possible despite the fact the stamp duty holiday has ended. The return of 95 per cent LTV deals and lenders low mortgage rate offerings show a genuine desire by mortgage lenders to help first time buyers.
As buying is currently often cheaper than renting Deal Direct can help those of you looking for a deal. Our skilled brokers are up to date on all low mortgage rate offers and can source you a competitive rate.
