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


Rapid rise in UK house purchase lending continues

Rapid rise in UK house purchase lending continues

Mortgage news from First Choice Finance.
House Purchase Mortgages Including First Time Buyer Mortgages.
Buy To Let, Right To Buy & Residential Mortgages


 



Video transcript

Ongoing inflation in the volume and value of house purchase loans continues to be witnessed across the UK as we move towards Q3.

New data published in the latest update of the Council of Mortgage Lenders` regulated mortgage survey has shown that a total of £9.4 billion was borrowed by home buyers across the UK in May this year.

This represents an impressive 15 per cent increase from April and an eight per cent rise in comparison to the same month last year.

At the same time, the volume of mortgage loans increased by 13 per cent and five per cent respectively to reach 53,800 in May.

First-time buyer activity continued to strengthen the market, with the total value of loans to this group standing at £4.3 billion during the month - accounting for more than half of all loans approved at approximately 27,500.

However, homeowner borrowing was a more mixed area for the market, with monthly growth from April this year of 19 per cent, but an annual decline from May 2015 of two per cent.

Meanwhile, remortgage activity was markedly positive during the month, with growth of 15 per cent in the total number of approved loans from April and a 30 per cent increase from May last year.

Responding to the widespread rise in mortgage activity, the CML director general argued that the figures highlight a sense of returning equilibrium to the house purchase market in these latest results, following the stamp duty-driven spike in activity during March and the subsequent dip in April.

He added that `for the second month running, first-time buyers borrowed more than home movers, the first time in 20 years that this has been the case. Buy-to-let continues at lower levels as expected, after the change to stamp duty.

`Brexit, and its likely effect on the market, is a question to which the answer will not immediately be forthcoming. Lenders will continue to be open for business as usual, but lending volumes may be affected by uncertain consumer sentiment.`

Only time will now tell what the impact of the UK`s decision to leave the EU will have on house purchase and remortgage activity across the country in the months ahead.

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

Debt Consolidation Remortgages & Loans

Release Equity Via A Remortgage or Loan

Subprime Mortgage Lenders

Want A Guarantor Mortgage?

Remortgage With Bad Credit

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

Loan Plans

Mortgage and remortgages - Best Buys

Bad Credit Debt Consolidation

Reduce your monthly outgoings with debt consolidation loans from First Choice Finance helping you consolidate existing credit cards and loans into one manageable monthly repayment.



Most popular plans for equity release