Enable Independent, IFA's in Bishop's Stortford have noted that despite the news that property lending has been falling over the past few moth, the latest quarterly figures from the National Mortgage Index show that there was an increase of 25% in mortgage activity during the past three months.
A mixture of purchase and re-mortgages were up during the past quarter of 2013, compared with the final quarter of 2012.
The latest figures from the National Mortgage index uses data from over 500 brokers and 800 estate agents, revealing that the strongest area is in the purchase activity. With the total mortgage activity for March being 22% higher this March compared to the same time last year. This is due to there being mortgage products to choose from, with approximately 9,269 being available in March, more than any other time, since November 2011.
Apart from in December last year, when lending fell by 1%, Enable are pleased to see that consumer choice has been improved every month since the FLS (Funding for Lending Bank Scheme) was launched in August 2012.
Over the past few years there has been a shortage of options for both first time buyers, and those people wanting to increase into a larger home. Lenders have been reluctant to loan, and those people wanting to buy have been forced to either borrow large deposits from the bank of Mum and Dad (which has also been drying up) or to take out high-rate mortgages. However since the announcement of the Help to Buy scheme, we should see the house market open up to a larger amount of consumers.
If you are looking for an Independent Financial Advisor, who can give you a choice of mortgages from across the market place, then why not give Enable Independent a call, we will be able to advise you on all the mortgages available to you.
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