This week the Council of Mortgage Lenders (CML) released figures showing that the number of mortgages issued in June jumped by 23 per cent to 45,000 mortgages.
This figure is a significant rise and the news will be welcomed by all those working or planning to work in the mortgage industry, including those on CeMAP training courses.
In fact, the total home mortgages paid out in June was a mere 6 per cent less than June last year. Despite the green shoots of recovery being seen recently, experts have been cautious in believing the mortgage market was set for recovery, but this is the first real sign that the market could be about to recover.
There were also more first time buyers taking out mortgages – 17,200 of the 45,000 mortgages were to first time buyers. This was an increase of 26 per cent on May.
However, these mortgages are also perhaps more secure as the average deposit was 25 per cent of the home’s value.
Banks are still under pressure to lend more following their loans from the Government.