Hello all - we are back and I for one am very excited. New CML data out today shows last year approx £205 billion of mortgage lending was advanced despite introduction of the Mortgage Market Review and a slight drop off the last 2 months. This year we should hit £215 billion as the low rates around are extraordinary and 1st Time Buyers are returning to the market. Ready for your questions!!!
Interesting times, new figures out from D&G show a market retreating from highs.....
@EdMead: How have you found the opening weeks of the year? Enquiries on our side are definitely up
@AndrewMontlake: Busier but its always difficult to tell until mid Feb. Overall the easy answer is <1m up, above £2m down!!!

More on the latest Mortgage lending figures :- These latest figures show that 2014 was a positive step in the right direction for mortgage lending, with a 17% increase on the previous year, despite the fact that the Mortgage Market Review slowed the pace down somewhat and demand has waned a touch in recent months.
What was most promising was that we saw the return of First Time Buyers to the market which we expect to continue, helped by recent changes to Stamp Duty and the prevailing low interest rate environment. They should be joined by a steadily growing number of remortgages in 2015 as the battle for business amongst lenders intensifies and the diminishing prospects of any rate rise this year keeps Swap rates low.
“With tracker rates available from just 1.09%, 5 year fixes from 2.39% and even 10 year fixes now below the 3% level, these remarkable products will help to entice more borrowers to lock in to rates that once seemed unthinkable.
All of this together should help the market get to the £215 billion level in 2015, although if real strides are to be made lenders need to look at easing some of their harsher criteria to allow more borrowers access to the funds they need as rate cuts alone will only go so far.
@AlistairNic: I'm not sure I agree with this. London has seen the majority of growth over the last 7 years BUT it is slowing. The regions will benefit from what, as we've been saying, are going to be very long term low interest rates. Bear in mind that since the peak inflation has been c. 30% and nominal values haven't changed so regional property can look cheap.
@JasonP.: This is a very good question where the mortgage is concerned as in reality you cannot obtain a mortgage now that will still be valid in 18 months time. The best thing to do is to speak to an independent adviser now to ascertain whether or not there will be any issues with you getting a mortgage as things stand now. This will at least give you some comfort that actually, as long as things do not change, you should be fine. It will also highlight any issues that could be rectified over say the next 6 months or so. cont...
@JasonP.: cont... then it will be a question of coming back 6 months before completion to actually start the full mortgage process and check that things are still the same and there are no issues. Usually this works pretty well, however you do need to bear in mind that if there are any changes, for example in your personal circumstances, you may not be able to get the same mortgage. The real issue comes when there is a subsequent change in the lenders policy which, as we saw during the height of the credit crises, left some buyers unable to obtain finance although they had exchanged. That said, many buyers do successfully purchase New Build properties this way, so get things checked out initially with a broker and take it from there.
@JasonP.: With new build property it's location location location...there have been a lot done that aren't well located BUT have sold well abroad. Some overseas buyers will be happier than others...!! IF it's near a tube station, or has a great view you can forgive a lot but given oversupply of new build stuff coming up do your local research carefully, it will pay off in the end.
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