2019 year-end mortgage lending market

As always, the market differs by region and fluctuates according to the season. Therefore, adding external variables like the current economic and political situation in the UK, can skew things, somewhat. Typically, during the autumn and winter months, the lending market is quieter.

Interest rates have stayed low throughout the year and even at this late stage, lenders are pitching in with evermore competitive rates to take advantage of an unexpected late autumn and early winter spike in activity.

It’s fair to say that the mortgage market is not what it was in its peak twenty or more years ago, though getting on the housing ladder or moving up the ladder is an aspiration for many.

Mortgage lenders appear keen to lend in 2019 however, as has been the case for some years now, they can effectively cherry pick who they offer their best deals to.

Consequently, those with a 40% or higher deposit and straightforward incoming and outgoing financial circumstances, with A1 credit will get the pick of the best rates.

Good news

That said, the low base rate means that decent rates, lowering payments, are available to most. This is very encouraging news for anyone looking to obtain a mortgage – be they first time buyers, those wanting to remortgage, home-movers or any other type of mortgage seeker.

So, how are the lending figures shaping up at the tail end of the year?

The latest mortgage trends have recently been published by trade body UK Finance. They show that in September, 29,100 new first-time buyer mortgages completed. This is a 1.6% increase on September 2018. And September 2019 saw other year on year increases too. With the completion of 29,050 home-mover mortgages, this meant a rise of 1.8%. And the 17,740 new remortgages with additional borrowing denoted a 5.9% increase.

Even with new buy-to-let home purchase mortgages being down by 3.5%, with a total of 5,500 completing, the lending market is looking positive overall. There are deals to be had. And, here at Euxton, we know where to find them.

November 2019