If you live in London and bought a property during July, August or September 2016 using a mortgage, you contributed to a home loan surge that shows how the capital has forged ahead with home moving plans.
The Council of Mortgage Lenders has released figures that show house purchase loans increased in the capital by 12% in the 3rd quarter of the year when compared to the 2nd - equating to 19,200 loans worth £6.2 billion.
Mortgage headlines from London include:-
- A 7% quarterly increase in borrowing by first-time buyers
- A 25% quarterly increase in borrowing by existing homeowner movers
- A 5% quarterly increase in remortgage activity
The report from The Council of Mortgage Lenders illustrates two things: fantastic home loan availability and increased fluidity in the London moving market.
The attractive mortgage market looks set to continue into 2017, with a study from Moneyfacts revealing that the number of fee-free fixed-rate mortgage products has increased by more than 100% over the course of 2016. This is a fantastic perk for home buyers looking to budget with confidence, especially when combined with some of the lowest ever mortgage rates.
It's worth speaking with your bank or an independent mortgage broker for details on how much money you could borrow and how much you would have to pay back - the figures are almost guaranteed to surprise you.
“It’s great news that the number of fixed rate deals without a fee has increased by a staggering 606 products. With more deals now than ever offering a no-fee option, it is clear that lenders are trying to compete in ways beyond just the headline rate.