To get a loan to buy a house in the UK will become even easier

The mortgage market in the UK is gaining momentum. Mortgages in the UK

The gross size of mortgage loans in the UK increased by 5% in April, in particular, in connection with the increase in lending . Data provided by the Council of Mortgage Lenders in the UK. If you don’t consider statistics on lending, the number of mortgage loans to purchase a home for the first time, declined slightly in April in comparison with March 2013, but overall the numbers are encouraging.

A total of £ 3.4 billion of borrowed funds was issued to the borrowers on the terms of lending in April, which is 10% more than in March. Relative to April 2012 this figure shows a 3% drop, but the rate of decline has diminished over the past two months.

Buyers who took advantage of the government program “Firsttimebuyers” – the first time buying a house, got 19400 loans worth £ 2.5 billion in April, which is 1% less than in March 2013. Firsttimebuyers in pridea occupy the largest share in the total volume of mortgage lending.

A total of 23,500 loans totalling £ 3.8 billion were granted to buyers who moved into their new home. The activity of buyers has not changed since last year.

Overall, if you take the first 4 months of this year, the activity of buyers 11 percent higher than last year. Ultimately this contributed to the creation of new mortgage products and more attractive range of rates for loans that interested new buyers and homeowners, and that was the reason for the activity in the sphere of lending and among people buying a house for the first time.

I am particularly pleased that there is an improvement in the size of the down payment. A small amount of down payment required for market access of a very large number of buyers, which is now a mortgage loan can’t afford it due to the fact that they are not able to accumulate the down payment.

To a large extent to improve the situation with an initial contribution aims another program of the UK government – HelptoBuy, which launched this year and help borrowers to pay about 15% down payment, so they need to obtain a mortgage loan.

® Maxim Savitsky 19.06.2013