September saw a decrease in the number of home loans approved, but the slight drop in residential lending was counterbalanced by an increase in approved buy-to-let mortgages, according to recent figures.
Despite the dip in the statistics, lenders still reported their highest quarterly (July to September) total since 2007.
The Council of Mortgage Lenders has announced that the public’s fears about the housing market moving towards boiling point have begun to subside. The director general of the Council of Mortgage Lenders, Paul Smee, summarised the findings by acknowledging that as the year draws to a close, the market has experienced change following the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review, including transition and growth. Those involved in the mortgage business have experience scrutiny from regulators and the media, but have taken the challenge and risen to meet it.
He added that the market looks placed to remain in its current healthy stature, because even though residential lending had slowed in pace, there was a definite climb in buy-to-let lending as landlords grab competitive remortgage deals.
The data was clarified by the chief UK and European economist for HIS Global Insight, Howard Archer, who said:
“The latest Council of Mortgage Lenders’ data add to now pretty widespread evidence that the housing market has come off the boil; but it also suggests that activity is currently easing back rather than falling away.”
Working as a mortgage professional, it is still a busy time, with increased activity in certain areas. Those who have undertaken the appropriate CeMAP training are best placed to help customers by identifying and advising them on the most suitable mortgage solution.
