News: Monthly Mortgage Availability At Its Best For 8 Years
With the cost of renting increasing during the last 12-18 months, the impact of improved affordability for mortgages means this is an ideal time to consider becoming a home-owner, rather than a tenant.
Interest rates are expected to remain at their current levels for some time to come and so we are predicting that 2012 will see greater transaction numbers than last year.
Council of Mortgage Lenders Report
The Council of Mortgage Lenders (CML) recently published data that shows that monthly interest payments for First Time Buyers (FTB) have continued to fall into the start of 2012, typically now consuming 12.3% of a buyer's income, which is at the lowest level since 2004.
Affordability of monthly interest payments for people moving home has also improved, with this group paying an average of just 9.2% of income, which is also at the lowest level since 2002 when monthly records began.
Gross mortgage lending in November 2011 totalled an estimated £13.0 billion, showing a fourth consecutive year-on-year rise for monthly figures, which is 5% higher than in October 2011, and 13% higher than the previous November in 2010.
This shows that despite the current economic backdrop, there is no denying that lenders have improved mortgage availability in 2011.
For more information talk to us. Our mortgage advisors have instant access to a wide variety of available mortgages on the market, telling you quickly and easily, which is best for you.
Christopher Pain
Director Curchods Mortgage Services
Tel: 01483 479070
Email: mortgages@curchods.com
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