Mortgage Advice Bureau comments on CML characteristics of lending data

Brian Murphy, Head of Lending at Mortgage Advice Bureau (MAB), commented:

“Despite significant regulatory change, the UK mortgage market continues to go from strength to strength, with Q3 2014 experiencing the highest quarterly level of lending since the recession. Rather than being restricted by the Mortgage Market Review, many consumers are clearly meeting affordability requirements and successfully accessing mortgage finance, with first-time buyer loan numbers in particular improving since Q3 2013.”

“Mortgage borrowers are currently experiencing almost perfect conditions whether buying a home or remortgaging: increased appetite for business among lenders has created intense market competition, leading to frequent product launches and more than 12,000 mortgages available on the market*. The mortgage rate war has also intensified, with lenders regularly slashing rates to what are effectively all-time lows.”

“While lending conditions have certainly improved for consumers, continued support for first-time buyers and efforts to improve affordability remain key. Lenders must continue to engage with the government’s Help to Buy scheme and ramp up their high loan-to-value (LTV) product offering to open the door wider to those who have suitable finances but simply cannot afford to save for a hefty deposit.”