November sees slight dip of overall, still higher than second-half average
San Francisco, CA -- (SBWIRE) -- 01/14/2013 -- The total number of approved loans for house purchases within the United Kingdom decreased in November, and was higher than 2012's second-half average, according to the Bank of England.
The total of approvals for remortgaging had decreased slightly in November, but remained higher than the previous six-month average, according to data recently released.
The mortgage industry saw the figures as welcome news, as it showed there were almost a billion pounds of additional lending within the first four months of the Funding for Lending Scheme enacted by the government.
“It is a sure sign that a steady momentum is building in the market. With £6 billion of funding made available for house purchases by the major lenders for the second month running, even at this relatively early stage, supply and demand are both moving in the right direction,” said Peter Williams, executive director of the Intermediary Mortgage Lenders Association.
“Given the optimistic tone of the Bank’s Credit Conditions Survey, we anticipate the continuing revival of purchase and remortgage lending in 2013. Brokers will certainly be kept busy in the coming months as lenders compete for business and consider how to address demand for higher loan to value (LTV) products,” he added.
Brian Murphy, head of lending at Mortgage Advice Bureau, there has been a positive outlook for the 2013 mortgage market.
“Cheaper funding is clearly starting to have the desired impact, and as funds continue to be accessed from agreed loans, we can expect to see more of the same as the Funding for Lending Scheme matures,” he said.
MAB's National Mortgage Index for November noted that highly attractive rates were available for borrowers in both the purchase and remortgage applications. That helped the fixed-rate deals the obvious choice for the large majority of consumers (nearly 90%).
Meanwhile, the Building Societies Association (BSA) showed that loans were following an upward trend in its most recent figures. Building societies, as well as mutual lenders, comprised 2.7 billion of the mortgage loans within November. That was a mark of 9% compared to the 2011 numbers.
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