According to The Council of Mortgage Lenders, the trend of tightening mortgage lending criteria seems to have eased in May, with home movers borrowing around 67% of the value of a property – unchanged from April.
The number of mortgages taken out for house purchase increased by 4% in May to 37,400 – worth around £4.7bn – and people were, on average, borrowing 2.68 times their income.
Some higher loan-to-value products have returned to the mortgage market in recent months, which could trigger a further easing of lending criteria over the summer. And according to the Bank of England`s Credit Conditions Survey, some firms intend to increase lending.
A mortgage expert for Think Money commented: “If criteria do ease over the summer, then we may see a rise in the amount of mortgages taken out. Bigger mortgages could attract more first-time buyers, which could boost the housing market considerably.
“Anyone considering taking out a mortgage should speak with a professional mortgage adviser first. The right adviser should be able to recommend the most suitable mortgage for them.”thinkmoney
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