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Lenders report a significant rise in demand for mortgages

Demand for mortgages is expected to keep rising as lenders report to the Bank of England that demand for mortgages “increased significantly” in the summer. The views were reported in the Bank’s Credit Conditions Survey and said that low mortgage rates had been behind the increased interest. The report also mentioned that the demand from homeowners remortgaging picked up sharply in the third quarter of the year and demand from businesses looking for loans is expected to follow suit over the next three months.The increased demand has been aided by the current low mortgage rates, which has been partly achieved by the Bank’s Funding for Lending scheme.  The scheme allows cheap funds to go to lenders assuming that they pass these on to consumers and businesses. Consumer confidence and rising house prices has also created more demand for home loans, the survey suggested.Despite the increasing number of mortgages and loans being improved, it has been emphasised that lenders were still conducting strict affordability checks on potential customers. Mark Harris, chief executive of mortgage broker SPF Private Clients, said “Lenders are keen to stress that they have not changed their risk appetite, suggesting that they are as stringent as ever on underwriting with no relaxation on credit scoring.”“This is admirable but lenders do want to increase their market share. If they are set to undershoot their targets, now is the time when they need to offer more competitive products. This should be excellent news for borrowers.”The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.Setfords Solicitors are a national full service law firm, with residential property solicitors in Loughborough and across the country.