Mortgage approvals hit 4 year high in January- Interest Rates at an all time low

Mortgage approvals hit a four year high in January thanks to a combination of falling mortgage rates, a wider range of mortgages available to borrowers, and an improvement in lender confidence, according to detailed research released this month.

• House purchase loans climb 17% to 65,194 – best month since 2008 financial crisis

• Falling mortgage rates making home loans more affordable

• Small deposit lending up 30% as more first-time buyers able to get a mortgage

• Funding for Lending allowing lenders to introduce cheaper mortgages

 The improvement in lending was driven by small deposit borrowers and first-time buyers, who accounted for the biggest overall share of the increase. Lending to borrowers with a deposit of less than 15% increased by 30% between December and January, reflecting a significant improvement in the availability and affordability of first-time buyer loans. 1 in 8 of all house purchase loans in January went to small deposit borrowers, the highest proportion since February last year

 Our Independent Mortgage Adviser Brian McCulley sees this as fantastic news for first time buyers “These are the most encouraging signs for the mortgage market since the financial crisis. After an inauspicious start last autumn, funding for Lending has come good. It has flooded lenders’ balance sheets with cheaper funds, which has encouraged them to reduce mortgage rates to record lows and roll out a much wider range of mortgages for high loan-to-value borrowers. It is helping clear the logjam in the first-time buyer market.  Since the market crash in 2008 there has never been a better time to get on the property ladder. Low interest rates , lower deposits required and of course stabilised purchase prices.”

 Here at Next Home Mortgages  we are ideally placed to assist first time buyers on to the market.  We have access to mortgages that only require a 5% deposit , we are the recognised mortgage advisers in Perthshire for dealing with Shared Equity purchases and of course we have access to market leading interest rates.  We take great satisfaction seeing our first time buyer clients purchase their first home knowing that we played a big part in it.  We arrange just about everything for our clients,  viewings , finance, solicitors , you name it we look after it. We like our clients to enjoy a completely stress free time when buying their first home , our experience allows us to deliver just that!  And we don’t just stop there….. When our clients have moved in we then deliver a truly unique after sales service. We speak to all of our clients every 6 months to ensure that we are providing relevant and timely advice when our client needs it not merely when there is business to be written. This ensures that our clients are always in the best position possible when the time comes to make another financial decision.

So, if you are ready to make the move give us a call and we’ll look after the rest.

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