Commenting on the Bank of England Money and Credit figures, Jonathan Sealey CEO of specialist short term lender Hope Capital, said: “The Chancellor has clearly achieved his goal of bringing mortgage borrowing back to pre-Covid levels, with the introduction of the SDLT holiday. And, with mortgage approvals at the highest level for 13 years, house buyers have responded.
“But the danger is that this rush is becoming a stampede and with only so much bandwidth in the system, it’s likely that buyers will already be losing out due to the delays building up across the house purchasing process.
“That’s why it’s crucial for brokers and borrowers to consider alternative finance or specialist lending in order to get the deal over the line more quickly. The fact is right now mainstream lenders are unable to meet the needs of borrowers in the time frames they require to seize the opportunities in the market.”