Market confidence reflected by increased availability of mortgage deals

June 3, 2015 by Brendan O'Neill

Lenders

The number of mortgage offers available to borrowers has leapt by almost one fifth in just 12 months, putting it at its highest known level.

This comes just over a year after the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review (MMR) was conducted by the Financial Conduct Authority (FCA), which resulted in the introduction of additional affordability checks for lenders to carry out. Some have added that the news indicates a rising confidence in the market.

In data released by the Mortgage Advice Bureau, April saw the volume of deals available go up from fewer than 11,500 to just over 13,500, a rise of almost 20%. The increase would imply that the options available have not been impacted on as a result of the added regulation.

In the initial months following the MMR, many firms tightened their lending criteria and offered a much smaller selection of deals, which were only available to those considered more creditworthy.

However, the number of offers available has now been boosted, as lenders compete with each to secure the biggest market share. As such, they are providing products to those borrowers with less of a deposit, along with government-based incentives such as the Help to Buy scheme.

Working as a mortgage professional, you will be best placed to advise and recommend the most suitable mortgage solution for your customer’s needs. Having completed your CeMAP training, and having passed the exam to achieve the necessary qualification, you will be able to assess the affordability of potential borrowers, whilst complying with the FCA regulations and the procedures of your employer.