Gross mortgage lending holds steady

According to the latest figures from the Council of Mortgage Lenders gross mortgage lending held steady in September at £16.2 billion.

Whilst this was only a minor change from £16.4 billion in August it was up 41% from September last year when the total was £11.5 billion.

Mark Abrahams, director of West One Loans, said: "Compared to the drought of the last few years, a wave of new borrowers are experiencing a mortgage monsoon.

“Despite a small monthly stumble in September, these are exciting times. More widely, the economy looks healthier than it has for years.

“But there’s no room for even a hint of complacency given the scale of the work that still needs to be done.”

Sophie Hall, Head of Intermediary at Avelo, said: “The mortgage market is in fine fettle at the moment. Help to Buy is providing a platform for first time buyers to secure high LTV mortgages, and we have yet to see the impact of Help to Buy 2.

“With house prices rising, demand is still strengthening, and prospective buyers are increasingly confident in the direction of property values.

“Would-be buyers in many parts of the country are no longer facing the prospect of their new home losing value following their purchase, bolstering confidence.

“While house prices hitting a new high will boost buyer appetite, affordability is a potential fly in the ointment. Government schemes are helping buyers access mortgages, but brokers will need to keep affordability in mind, especially with the MMR being implemented next year.“

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