Mortgage lending in the UK rose in August, beating flat expectations as buyers chase the last of the low interest rates ahead of an anticipated rise this Autumn.
The rise in lending can be attributed to buyers seeking to re-mortgage or get on the housing ladder before the anticipated first interest rise in more than a decade from the Bank of England this Autumn.
Rising inflation, hard hitting affordability tests, and new rules for buy-to-let landlords due in October, have economists predicting lending levels will dip towards the end of the year.
The changes in legislation to mortgage applications for buy-to-let landlords due in October, are likely to have had an impact on August’s mortgage activity. Under the new rules, anyone looking to expand their buy-to-let portfolio beyond four or more mortgaged properties, may have to provide evidence of rental income and a business plan to support their application.
If you would like to find out how you can make the most of the lower rates, contact a member of our team today or come and visit us at:
ACREW Monaco at La Rascasse, Monaco Yacht Show
Date: 27th - 29th September
1 Quai Antoine 1er, 98000, Monaco
Your home may be repossessed if you do not keep up repayments on your mortgage