Menu
21/04/2011
Mortgage Lenders Get 'Spring In Their Step'
Mortgage lending has soared this Spring - by 21% during March - as both buyers and people remortgaging returned to the market.
A total of £11.3 billion was advanced during the month, the highest level since November, but still slightly down on the £11.5 billion that was lent in March last year, the Council of Mortgage Lenders (CML) said this week.
The group attributed the increase to a rise in activity in the housing market, as well as strong demand from existing homeowners who were remortgaging to a new deal.
It said loan approvals for remortgaging were at their highest level for more than two years during February, and this fed into higher lending levels in March.
Demand is expected to remain strong as the prospect of interest rate hikes prompts people to remortgage off their lenders' standard variable rates.
Commenting on current market conditions, CML Chief Economist Bob Pannell said: "The housing market has emerged hesitantly from hibernation.
"Household finances are under a lot of pressure, and as a result demand for house purchase loans fell in the first three months of 2011.
"Lenders expect mortgage credit availability to improve this quarter, and this should help to underpin house purchase activity albeit at pretty low levels," he said, noting that remortgage demand "continues to firm" linked to expectations of higher base rates.
(BMcC/GK)
A total of £11.3 billion was advanced during the month, the highest level since November, but still slightly down on the £11.5 billion that was lent in March last year, the Council of Mortgage Lenders (CML) said this week.
The group attributed the increase to a rise in activity in the housing market, as well as strong demand from existing homeowners who were remortgaging to a new deal.
It said loan approvals for remortgaging were at their highest level for more than two years during February, and this fed into higher lending levels in March.
Demand is expected to remain strong as the prospect of interest rate hikes prompts people to remortgage off their lenders' standard variable rates.
Commenting on current market conditions, CML Chief Economist Bob Pannell said: "The housing market has emerged hesitantly from hibernation.
"Household finances are under a lot of pressure, and as a result demand for house purchase loans fell in the first three months of 2011.
"Lenders expect mortgage credit availability to improve this quarter, and this should help to underpin house purchase activity albeit at pretty low levels," he said, noting that remortgage demand "continues to firm" linked to expectations of higher base rates.
(BMcC/GK)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
31 May 2005
Government rounds on loan agreement 'clarity'
The government has introduced new rules on lending, which will bring “a new level of clarity” to loan agreements.
Government rounds on loan agreement 'clarity'
The government has introduced new rules on lending, which will bring “a new level of clarity” to loan agreements.
25 June 2002
Interest rate rise needed say mortgage lenders
The Council of Mortgage Lenders (CML) have said the continued rises in mortgage lending reinforced their view that a modest rise in interest rates sooner rather than later was desirable to avoid the possibility of sharper increases in the future. It is the first time mortgage lenders have called for a rise in UK interest rates in their history.
Interest rate rise needed say mortgage lenders
The Council of Mortgage Lenders (CML) have said the continued rises in mortgage lending reinforced their view that a modest rise in interest rates sooner rather than later was desirable to avoid the possibility of sharper increases in the future. It is the first time mortgage lenders have called for a rise in UK interest rates in their history.
01 November 2004
Balance transfers cost lenders £1bn in 'lost' charges
Balance transfer offers are costing UK credit card issuers around £1 billion a year in lost revenue and are cannibalising margins, according to a study published today.
Balance transfers cost lenders £1bn in 'lost' charges
Balance transfer offers are costing UK credit card issuers around £1 billion a year in lost revenue and are cannibalising margins, according to a study published today.
10 November 2009
Banks Relent To Help Debt-Hit
Ireland's banks have succumbed to Government pressure to offer a moratorium on debtors. The ten biggest mortgage lenders in Ireland finally pledged today to offer homeowners more time to pay back arrears before taking legal action against them.
Banks Relent To Help Debt-Hit
Ireland's banks have succumbed to Government pressure to offer a moratorium on debtors. The ten biggest mortgage lenders in Ireland finally pledged today to offer homeowners more time to pay back arrears before taking legal action against them.
18 October 2001
Mortgage lending drops following previous record month
Mortgage lenders have reported a fall in demand for home loans in September. The Council of Mortgage Lenders (CML) said mortgage lending by banks and building societies fell to £14.3bn last month, from a record £16.
Mortgage lending drops following previous record month
Mortgage lenders have reported a fall in demand for home loans in September. The Council of Mortgage Lenders (CML) said mortgage lending by banks and building societies fell to £14.3bn last month, from a record £16.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
