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|IRESS responds to CML figures|
|Thursday, 17 March 2016|
The Council of Mortgage Lenders (CML) has released figures estimating that gross mortgage lending reached £17.6 billion in February. 5% lower than January, but 30% higher than February last year.
Responding to the CML release, Henry Woodcock, principal mortgage consultant at IRESS, said: “With February marking the 7th year of record low interest rates, competition among mortgage lenders heated up with 2 year fixed rates below 1.7%. Remortgaging figures have strengthened as borrowers who are hedging their bets on continued low rates, take advantage of low mortgage deals. The rush of buy-to-let landlords and those buying a second home, looking to beat George Osborne’s increases in stamp duty, has led to high levels of gross lending in February.”
“Although gross mortgage lending in February was slightly lower than in January, I think we’ll see an upward trend in March, but lending may dip in the second quarter as effects of stamp duty changes and the introduction of the mortgage credit directive come into play. Market jitters as the EU vote comes into view may also affect lending.”
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