BoE figures comment: Housing market reach “boiling point”

Following the Bank of England’s latest figures showing net mortgage borrowing hit £4.8 billion in September, up from £1.8 billion in August, John Phillips, national operations director, Just Mortgages and Spicerhaart, said, “The housing market has been heating up since July and reached boiling point in September. With many borrowers worried about their finances and in need of sound mortgage advice the market needs good brokers more than ever. On the back of the boom, we are seeing plenty of brokers looking to join Just Mortgages, particularly in the self-employed arena.

“With the stamp duty holiday deadline looming in the horizon we are seeing the mortgage market begin to cool in October. To keep the market cooking, now is the time for lenders to loosen their criteria. Particularly for higher LTV mortgages to allow first-time buyers to access the market. We are still seeing thousands of eligible borrowers being turned away as, despite stable income and proof they can pay credit reliably, they don’t have the 15% deposit required to purchase their own home.”