38 pc rise in mortgage lending

bridging loanGross mortgage lending rose 38% in the last year which has hit £13.6 billion last month being the highest lending for almost eight years. According to British Bankers’ Association, the number of mortgage approvals in January was 33% higher than a year ago, with remortgaging up 42% and house purchase up 27%.

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: “Mortgage rates are cheap and there are more popular ones such as five-year fixes which are likely to become even more competitive as lenders compete for business. Challenger banks that are eager to lend have helped in pushing the rates down to a whole new level. The biggest hurdle is qualifying for today’s great mortgage deals.”

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