While 2014 was a year of many changes, the number of people stepping onto the property ladder grew. The latest annual glance at the mortgage market revealed that whilst there has been a boom in first-time buyers, levels of other borrower types are still falling short of pre-crisis figures.
Last year saw just short of 311,500 first-time buyers obtain a mortgage, which was the highest figure in seven years. At the peak in 2007, lending reached £47.2 billion; 2014 was only slightly behind this, at £45 billion.
Following the financial crisis, which saw lending get tougher and increased regulation introduced, first-time buyer numbers dropped dramatically as they struggled to take that step onto the property ladder.
While the number of those buying their first home is massively increasing, the market as a whole still has a way to go before it reaches the figures of 2007. In spite of the record low rates that are currently available, levels of borrowers looking to remortgage have fallen steadily over the year. Some want to continue taking advantage of the competitive tracker product they are on, while others sit on their lender’s standard variable rate, as they either haven’t got round to reviewing things or they are unable to remortgage following the increased regulation in the wake of the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review (MMR).
As a mortgage advisor, you will have completed your CeMAP training and passed the end exam, and be best placed to assess your customers’ needs to recommend the most appropriate mortgage deals.