UK Housing Market Mortgage Lending Surges by 38%
Housing-Market / Mortgages Feb 24, 2016 - 02:11 PM GMTBy: MoneyFacts
“The latest statistics from the BBA show that mortgage approvals are up 38% from last year. The rise has been greatly helped by intense competition in the mortgage market, with every loan-to-value (LTV) and fixed rate being fought over by lenders wanting to gain pole position. As a result, the average two-year fixed mortgage rate, for instance, has dropped from 3.14% to 2.56% in the space of just one year.
“Buy-to-let lending has been similarly impacted, with the average two-year fixed rate for buy-to-let mortgages falling from 3.50% to 3.33% as lenders compete for landlords’ attention before the stamp duty changes take place in April.
“In just one year the mortgage market has significantly changed thanks to providers’ determination to capture borrower interest. But these record low deals can only last so long, so those opting for a low deal now are likely to be making a wise decision.”
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