While it was reflective of the season, February lending figures fell to the lowest they’ve been in the last two years.

Dropping by 9% to just under £13.5 billion, the Council of Mortgage Lenders (CML) has said that it is confident and expectant that the market will begin to improve as we move into spring and onto summer, following the recent Budget announcement and stamp duty changes.

Mo Jamei from the CML reported that the cooling within the market was a little unusual when the improving economy and competitive mortgage rates were acknowledged.

He commented:

“With low mortgage rates limiting the incentive for existing borrowers to remortgage, mortgage lending overall is closely tied to developments in the housing market, where activity, sentiment and house price inflation has been subdued since last summer.”

IHS Global’s chief European and UK economist has also stated that even though there was a drop in February’s lending figures, it is felt within the industry that the market is levelling out and that activity should to a certain degree pick up over the course of 2015.

This will be a positive impact on your working day as a mortgage advisor, as more people seek your advice in purchasing a property or switching their mortgage provider. Having passed the exam following your CeMAP training, you will be in a position to interview prospective customers, and complete an assessment of their affordability, and subsequently advise them on how much they could borrow.

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