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Genworth comment on Bank of England Trends in Lending report PDF Print E-mail
Thursday, 23 April 2015

Patrick Bamford, Business Development Director at Mortgage Insurance Europe for Genworth, the mortgage insurer, comments on the Bank of England’s Trends in Lending Report:

“According to the lenders cited in the report – the big six – demand for secured lending ‘fell significantly’ in the three months to early March 2015 and this certainly ties in with the market data over that period which shows something of a slowdown. However, mortgage pricing has fallen during the three-month period and the report states that quoted fixed rates on 95% LTV mortgages fell more sharply than others. It also suggests that some of the lenders ‘noted increased competition for higher LTV mortgage business’.
“While we welcome any increase in competition in the high LTV market it has been clear for some time that first-time buyers have continued difficulties in saving the necessary deposit to secure such a mortgage, and the tightening of affordability measures brought in by the Mortgage Market Review continue to mean high LTV mortgage take-up remains challenging.
“The Help to Buy Scheme certainly added much-needed impetus to the availability of high LTV mortgages, particularly to first-time buyers, and those operating outside the scheme have also utilised private mortgage insurance in order to add to the product depth. The problem however remains that this is a short-term solution – Help to Buy 2 is due to finish at the end of 2016 – and there needs to be a permanent solution put in place in order to ensure that the number of high LTV products does not fall off a cliff in just over 18 months’ time.
“With the General Election adding a further degree of uncertainty to the housing and mortgage markets, we need a period of stability and certainty, and much more focus on increasing housing supply, if we are not to see further falls in mortgage availability and subsequently far less first-timers making it onto the first rung of the property ladder.”

(Source - Genworth Comment)

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