The lending arena continues to progress at a steady pace as half-yearly data is posted.
Despite some pre- and post-MMR doom-mongers, lenders have quietly gone about their business offering increasingly attractive deals to credit-worthy borrowers.
In part, this led to the Council of Mortgage Lenders’ recent revision of its 2014 gross lending forecast to more than £200bn. CML data for Q2 reflects this positive momentum, with first-time buyer and home-mover loans up on Q1 by 17 per cent and 16 per cent respectively. Investment activity was also strong, with the value of buy-to-let lending up 3 per cent on Q1 and up 31 per cent on Q2 2013.
While remortgages fell in value by 2 per cent from Q1, this remains the sector to watch as opportunities continue to emerge ahead of the interest rate rise and billions-worth of mortgage maturities in the coming months.
So the half-yearly lending report could read: “Steady progress in the purchase market despite challenges along the way. Remortgages could do better but this sector will be a key business driver across the intermediary market for the rest of the year.”