First Choice Finance - Mortgage Broker First Choice Finance Compare Home Owner Loans
First Choice Finance - Mortgage BrokerCompare Home Owner Loans


CML reveals lower mortgage outlook

CML reveals lower mortgage outlook

First Choice is a leading UK mortgage broker. Free quotes on our mortgage lenders options.
Get qualified mortgage advice when buying a home or remortgaging your current home.



 



Video transcript

The latest Market Commentary update from the Council of Mortgage Lenders has revealed the potential for a less favourable outlook in the UK mortgage sector in the months ahead.
According to the body`s in depth market analysis, gross mortgage lending stood at £21.4 billion in July.

This represents a minor contraction from June which stood at £21.5 billion and is one per cent lower than July 2015 at £21.6 billion.

Responding to July`s data, CML chief economist Bob Pannell stated: `Indicators are likely to provide truer readings of market conditions the further we move away from the distorting effects of April`s stamp duty change.

`The subdued nature of property transactions and mortgage lending in July are consistent with a less positive backdrop for house purchase activity post-referendum.`

He went on to add that stronger economic headwinds are expected through the remainder of the year and into 2017, although measures implemented by the Bank of England to enhance UK monetary policy should have a positive impact.

A further cut in the UK base rate of interest has been `pencilled in` for later this year and this too could prove a positive move for the UK mortgage sector, although the Bank has been warned against any move into negative interest rate territory.

Mr Pannell believes the new Term Funding scheme will help to boost market sentiment in the months ahead. However, it is not yet clear how well the Bank`s actions will underpin improved borrower demand.

Looking forward, the CML has suggested market indicators are pointing towards a softening of outlook in the coming months, with a potential weakening of demand for homes and slowing house price inflation.

According to figures cited by the CML from HMRC, residential transaction volumes in July stood at just under 95,000. This marked the fourth consecutive month with a result lower than 100,000 and was a marginal contraction from June.

Moreover, the result was highlighted as potentially being the first true reflection of UK market outlook in the post-referendum period.

It therefore remains to be seen if the UK mortgage and remortgage sector will rally during the remainder of the year. 

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.


  Best Deals & Latest News

Part And Part Mortgages Arranged

Release Equity Via A Remortgage or Loan

Mortgage & Remortgage LTV Calculator

Guarantor Mortgage Options

Remortgage With Bad Credit

Online Home Loans
Secured Loans and Remortgage Advice
Loan or Mortgage Application

Loan Plans

Mortgage and remortgages - Best Buys

Cheap Loan Unsecured

Looking for an unsecured loan First Choice Finance can give you access to a selection of personal loans that can be used for almost any purpose with unsecured loans for good fair and poor credit histories.



Home Loan Lenders