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First Choice Finance - Mortgage BrokerCompare Home Owner Loans


Annual upshift for mortgages borrowing late 2015

Annual upshift for mortgages borrowing late 2015

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Video transcript

House purchase lending demonstrated a considerable uptick in performance in November 2015, with an annual rise of almost one fifth.

Data published by the Council of Mortgage Lenders, also known as the CML, showed that homeowner house purchase lending in the UK totalled 10.7 billion in November last year.

This was down by nine per cent down on the preceding month`s results in October, but highlighted an 18 per cent annual increase from November 2014.

In addition, first-time buyer borrowing levels fell by nine per cent from October 2015, but were up by 14 per cent year on year - totalling 4.2 billion in November - while homeowner remortgage activity saw the same seasonal development.

Overall, home movers across the UK took out a total of 32,300 loans in November last year - a figure that was ten per cent lower than in October 2015, but again was up by nine per cent in comparison to the same month in 2014.

Responding to the results, the director general of the CML stated that mortgage lending activity underwent a seasonal dip in November last year - a move that had been expected, as the start of the winter months and the run-up to the festive season traditionally are a more quiet period for the UK mortgage sector.

However, the fact that annual growth across all mortgage types was still demonstrated highlights the industry`s continued improvement and growing strength as the economic recovery continues to take hold.

Looking forward, Mr Smee added that the body now anticipates that gross lending across the UK `will continue a slow but steady upward trajectory over the next two years.`

Now emerging from its traditional winter hiatus, the coming months are expected to see the UK property sector go from strength to strength, with rising lending volumes and more Brits planning home moves, house purchases and remortgage activity.

The CML also expects a concerted uplift in the buy to let mortgage sector during the coming months, with substantial year on year growth predicted for the market in 2016. 

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


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