Remortgaging and first-time buyers responsible for continued rise…
Gross mortgage lending rose by 5 per cent in April, according to figures released yesterday by the Council of Mortgage Lenders.
A total of £3.4 billion was lent to borrowers remortgaging in April, up by 10 per cent compared to March. First-time buyers took out 19,400 loans worth £2.5 billion in April, down one per cent on March though this figure is distorted by the effect of the end of the stamp duty concession on lending in March and April last year.
Indeed, first time buyer activity in the first four months of this year (70,700 loans) is 11 per cent higher than the same period last year and first-time buyers continue to account for an increased proportion of all house purchase loans. Around 46 per cent of all house purchase loans in April went to first-time buyers, a figure unchanged from March.
Read the article in full at: http://www.independent.co.uk/property/mortgage-lending-up-5-8657379.html
Whether you are remortgaging, stepping onto the property ladder for the first time or feel it’s time for a move, for help with your property purchasevcall the Abacus Property team on 0161 833 0044 or email property@abacus-law,co,uk today