29
May
Mortgage data offers a "ray of hope"
The latest figures from the British Banker's Association are a "ray
of hope", according to independent mortgage brokers John
Charcol.
Drew Wotherspoon, a spokesperson for the firm, noted that although
the BBA's mortgage figures were still significantly down
year-on-year, "we can however conclude that the mortgage market has
not completely stopped in its tracks".
The BBA's analysis of high street bank's data found that mortgage
lending strengthened last month from March, mostly off the back of
increased remortgaging activity, which was said to be
"exceptionally strong".
In terms of specific products, Mr Wotherspoon suggested that the
best value is currently in the long-term market. He singled out
Woolwich's ten-year fixed-rate deal as a good choice for borrowers
with good equity and no need to move home for the next few
years.
He concluded: "For those that require a shorter-term deal the
message is definitely apply now. It looks as if we are about to see
another round of price increases from lenders."
