Estate agent reports surge in mortgage applications in UK

Estate agent reports surge in mortgage applications in UK

Lenders in the UK have money to lend, even to first time buyers, with independent estate agency Haart reporting that it is currently processing 100 applications a day.

Indeed, Haart has seen a dramatic rise in the number of people applying for mortgages with figures for 2011 up 21% compared to 2010, the biggest rise in applications since it began offering mortgages in 2001. Of those, first time buyers accounted for over 37% whilst buy to let investors made up a further 18%.

With the Irish government implementing a number of incentives for first time buyers to purchase in 2012 in last December’s Budget, it is hoped that that trend can be repeated here.

The average value of mortgages applied for in the UK also rose, up by 4.8% to £126,524 on an average purchase price of £181,875. But the size of the average deposit rose only 0.3%, reflecting a possible change in attitude among lenders to deposits, says haart. Close to 20% of all mortgages came with a Loan to Value ration of 85% or above.

The estate agency employs a network of mortgage advisors based throughout its branch network backed by a team of support staff at the company’s national headquarters.

“Whilst the overall conditions in the mortgage market remain challenging, it’s great to be reporting some good news for house buyers. I’m very proud that we’ve been able to assist more people move into their homes in 2011, and we’ll be looking for more of the same in 2012,” said David Miles, managing director of Haart Financial Services.

“My message for the coming year is quite simple; lenders have money to lend, so whether customers are looking to buy for the first time, or moving to a new home, or investing in property on a buy to let basis, there are solutions available to make that happen. And, of course professional advice at an early stage is vital to establish whether these aspirations can turn into an affordable reality,” he added.

There is 1 comment for this article
  1. Devon Mortgages at 2:16 pm

    Lending was up on *2010* levels, but 2010 was a poor year for lending meaning Long term levels remain relatively low. Still, any improvement is good.

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