Member of the National Association of Estate Agents (NAEA) have reported that the current market is levelling out; however there are still signs of uncertainty.
The average homebuyer put down a 22% deposit in June, up from 20% in May, according to the Council of Mortgage Lenders (CML), however, the majority of lending continues to be on conservative terms, as lending criteria have tightened in response to the shortage of funding and current market conditions.
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The proportion of fixed-rate mortgages available with terms over ten years has almost doubled in the past 12 months as borrowers and lenders increasingly turn to long-term deals to beat the ongoing credit crunch, according to analysis by MoneyExpert.com.
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New figures from the Bank of England has shown that the slowdown in mortgage lending continues.
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The UK’s largest mortgage lender has announced it is cutting some of its interest rates for new borrowers, for the third time this month.
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June’s mortgage lending, rising by £3.8 billion, was weaker than in May with a record low number of house purchase approvals, though levels of remortgaging were similar to the previous month, the British Bankers Association has reported.
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Woolwich is cutting rates on its fixed rate mortgages by as much as 0.35 percentage points as lower SWAP rates continue to benefit the fixed rate market.
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Gross mortgage lending declined to an estimated £23.8 billion in June, down 3% from May and 32% from June 2007, according to the Council of Mortgage Lenders.
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Nationwide Building Society has said that it is cutting the price of some of its fixed rate and tracker mortgage deals by up to 0.46%.
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Stroud & Swindon, the South West’s largest building society, has launched a three year fixed rate mortgage available exclusively through intermediaries.
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Woolwich is cutting the rates on its most popular Lifetime Tracker product in an effort to encourage customers to take advantage flexible fee free products at a time when many are sitting tight waiting for better news on short term fixed rates.
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