Chris & his team were really helpful from start to finish & we can not thank them enough 

Get In Touch!

The Council of Mortgage Lenders’ (CML) latest figures for mortgage lending (May 2015) show that whilst lending levels recovered in May compared to April, they were down compared to a year ago. First-time buyers saw a decline in lending volumes, 13% down, compared to last year, but up slightly (3%) on the previous month, with total May loans estimated to be around £3.4 billion.

Home mover lending saw a similar trend with volumes up slightly (2%) on April but down by 12% year-on-year, with the month’s loan figures estimated as £5.0 billion. The May level of Remortgage loan figures showed a 10% decline from the level in the previous month, but were slightly up year-on-year by an estimated 3%.

The published figures show that Buy-to-Let continues to grow year-on-year, mainly driven by remortgage activity, increasing by 36% from the 2014 figure. However the May 2015 figures saw only a slight month-on-month increase from the April level. This was stated to be due to higher buy-to-let house purchase lending activity, worth £1.2 bn.

Paul Smee, director general of the CML, commented:
”House purchase lending in May was slightly up on the previous month, suggesting the market might be waking up after a subdued first quarter. Activity has broadly been down on last year but we expect it to rise in the summer months as, with historically low interest rates and a competitive lending environment, borrowing conditions are relatively favourable. But we cannot ignore the continuing affordability constraints caused by high house prices relative to earnings which will work in a contrary direction.”

For mortgage advice - contact The Mortgage Hut.