According to the Bank of England there was a rise in mortgage applications being accepted for ‘First Time Buyers’ in 2013. This is a sign that confidence within the banking sector has increased and that lending is ‘on the up’.
Statistics show that the number of mortgage applications increased by 20% in 2013 compared to the figures in 2012. Last year there was over 730,000 mortgage applications approved and in the 2012 there was just over 612,000 applications. This certainly makes positive reading that the housing market is gathering momentum again.
Mortgage Applications in 2013
“We think the signs are there for everyone to see that the doom and gloom years are slowly becoming a distant memory, this is thanks to the Banks lending to first time buyers again” says Shrewsbury based mortgage adviser Gary Harper.
“We expect this to continue into 2014 and with Government schemes helping first time buyers we could see another increase in mortgage applications being accepted”, Gary added
First time buyers should still be aware and take cautions when they apply for mortgage. As interest rates are at an all-time low we ask all first time buyers if the Bank of England introduced a rise could they afford their mortgage or would this put them in a difficult situation financially. As Mortgage Advisers we have to think ahead and offer some protection to our clients and pointing out future changes in the interest rate is part of our job and responsibility.
Fantastic Offers & Mortgage Rates Available
There are some fantastic mortgages available for first time buyers with rates starting, please call AFP Partnership for current rates and offers.
If you are first time buyer considering a mortgage contact Shrewsbury based mortgage advisers on 01743 364377 or email us.