CCR Magazine

You are here  :Home arrow News arrow IRESS warns of cooling signs ahead for gross mortgage lending
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


IRESS warns of cooling signs ahead for gross mortgage lending PDF Print E-mail
Friday, 22 April 2016
Following the Council of Mortgage Lenders (CML) figures, released this morning, estimating that gross mortgage lending reached £25.7 billion in March (the highest figure since 2007), Henry Woodcock, principal mortgage consultant at IRESS warns of signs that could have a dampening effect on lending over the coming months. 

Responding to the CML release, Henry Woodcock at IRESS, said: “February’s gross mortgage lending figures were lower than January’s, so it’s very encouraging to see such a big pick-up in March. A month-on-month decline would have been concerning given the extremely favourable borrowing conditions.

“The buy-to-let charge to beat George Osborne’s increases in stamp duty has certainly boosted figures in March which are up 43% from February and 59% from March last year. These are the highest March figures in the last nine years. The demand for mortgages has also been driven by continued low borrowing costs, with rates on two and three year fixed deals at all-time lows.

"Significant rate rises are unlikely to materialise any time soon, so we'll continue to see more low interest rate deals delivered to the market in the coming weeks and months, which is great news for mortgage customers.

“We may we see a further uptick in April, however, looking to the next few months, there are a few factors I think will have a levelling-off effect on gross mortgage lending. The looming EU referendum may mean borrowers will wait and see the result before proceeding. The newly introduced stamp duty land tax surcharge, targeted at prospective private landlords and the Bank of England’s proposed new tighter lending rules to make it harder for landlords to get a mortgage, is bound to have a dampening effect on the buy-to-let market. Lastly, while remortgaging appears to be on the rise, I’d caution that increases may be limited for many interest only borrowers, as lenders now require credible repayment vehicles to be in place first.”

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197