So what DO the experts say – and mean!
The ups and downs of the property market go on showing up in the range of different facts, figures and statistics out there which are stretching the minds and mouths of the experts. Source:- http://www.zoopla.co.uk/property-news/for-sale/first-timer-buyers-set-to-benefit-from-affordable-rates-801401271/
Current most available lending stats from the Bank of England reveal that the number of loan approvals for house purchases fell slightly from just over £51,100 in the May trading period. The average monthly loans total since the start of the year was just over 52,800.
Then there’s the number of approvals for re-mortgaging around 22,250 in May and that was a fall too …..and was also lower than the previous six-month average by a good deal, which stood at just over 30,400.
Easier for first timers?
Paul Ainsworth Lord, founder of leading Darwen Estate Agent, Ainsworth Lord Estates, sees it like this:- “ There’s been a train of thought of late that its easier to get a mortgage for the first time, than if you are trying to re-mortgage. In some good few circumstances lenders are tightening up on some potential second and third time borrowers who’s personal circumstances have changed.
Base rate stays
The mortgage market has some imponderables for sure due to the uncertainties of lenders, but, it does seem that at the moment, looking ahead, that the base rate will remain at the current low level and that is good news for the first time buyers for sure.
Part of the ‘story’
But, of course, these days – as we are all getting to find out as we suffer additional monthly mortgage payment rises – the base rate is only part of the story. It does not necessarily decide the rate we get charged by our lenders – because that depends on their ability to raise money and their general financial insecurities and pressures.
Its the ‘anx’
This lender ‘anx’ , as I call, is why, some are hitting problems of late when trying to get finance to move. This applies to home-owners in Darwen, Blackburn ,Bolton and indeed any towns across the North West region and indeed the UK as a whole.”.