JSMedia – According to the latest figures from the Council of Mortgage Lenders, lending to first-time buyers and homemovers has increased by 36% since last year.
The figures also show an increase in remortgage borrowing, with the number of remortgage loans up by 36%. This shows that borrowers are continuing to take advantage of competitive rates and are confident about buying a new home.
Despite the rise of competition, mortgage rates are still on the rise. For the past decade, they have fallen by half, and are now significantly lower than they were in 2008.
Council of Mortgage Lenders Figures Town & Country
While mortgage rates are now lower than in the past, they have remained stubbornly high. The current environment is not helping borrowers. Rather, it has only made it harder for borrowers to find the best deal.
The competition for your business is heating up, which means mortgage rates are on the rise. This means that lowering your rate now can save you thousands of pounds over the years. There are a number of reasons why lenders are making their rates cheaper. While the market has remained saturated, competition is expected to continue to grow. Moreover, the number of home buyers has increased by 7%. However, the rates aren’t the only factor in determining the mortgage rate, as affordability is another factor.