The Council of Mortgage Lenders (CML) has released its latest forecast, which predicts a slow and gentle increase in the activity seen from the mortgage and housing market.
The review acknowledges that this predication follows a quieter time in which the CML predicted gross lending of around £220 billion, actually turned out to be just under £210 billion.
The chief economist of CML Bob Pannell said:
“Several of the government’s fresh housing initiatives will take time to take effect and so do not fundamentally reshape market prospects this year or next, as far as we can judge at this stage”
The report goes on to clarify that with already inflated house prices outweighing peoples earnings across most of the UK, regulated lending such as mortgages will continue to feel the squeeze of affordability constraints enforced after the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review (MMR) in 2014.
Pannell went on to say that although there has been an increase in lending within the buy-to-let sector, the underlying pace at which it has increased has been slow.
Talking about the potential of future rate increases, he said that it was anticipated that the vast majority of mortgage holders would be able to cope with the anticipated rate increases expected later this year.
As a qualified mortgage adviser who has attended and passed their CeMAP training and exam, you will be best placed to assess customer’s affordability and advise them of the most suitable mortgage solution for their personal circumstances.
