Mortgage lending rose to its highest monthly total lending volume since August 2008 in July 2014, although news from the Bank of England could mean that home loans will soon get more expensive.
The Council of Mortgage Lenders (CML) indicated that £19.1 billion was leant to people to buy property last month, seven per cent up from June and fully 15 per cent higher than the same month in 2013.
For the first month of the year, the CML figures show that there have been 25 per cent more house purchases than over the same period the year before, despite more stringent rules for buyers being introduced in recent months.
However, the possibility of the Bank of England putting up its base rate has also increased, after minutes from the latest meeting of the policy committee showed that two of its nine members thought that the rate should go up. It`s the first time that that`s happened in three years.
This would affect many people with variable rate mortgages, as some of these are linked to the bank base rate, so if that goes up, interest payments on those homeowners` properties will also increase, which could prove problematic for some.
If you are considering reviewing your mortgage to perhaps look for a fixed rate over a longer period in case interest rates do go up, you can approach some lenders direct or go to a mortgage intermediary to get advice on their mortgage and remortgage products. First Choice Finance has experience helping various customers getting mortgages and will provide no obligation advice on our products.
If we have a product you like we will provide you with a free personalised illustration for you to decide whether to go ahead or not. Interested? Then visit firstchoicefinance.co.uk or call for a confidential discussion on 0333 003 1505 from your mobile or 0800 298 3000 from a landline.
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