Mortgage advice bureau (mab)
UK house prices increased by 9.6% in the year to March 2015, up from 7.4% in the year to February 2015, according to the Office for National Statistics (ONS).
With activity in the mortgage market on the up, broker firms are likely to be seeing increased profits. But what are firms using this extra cash for?
Homeowners are choosing to spend their housing equity instead of reducing their loan-to-value ratio as result of rising property prices, research has found.
Other Mortgage advice bureau (mab) articles
Mortgage arrears and repossessions fell in the first quarter of this year across residential and buy-to-let lending, figures from the Council of Mortgage Lenders have revealed.
Legal & General Mortgage Club has added Ipswich Building Society to its lender panel.
Borrowers took advantage of competitive prices in the mortgage market in March as house purchase approvals increased on the previous month, but lending activity was still down on the same time last year.
Consistently falling mortgage rates and rising average loan-to-value (LTV) ratios are helping lower income borrowers onto the property ladder as mortgage applications increased 18% in the month to March.
The Council of Mortgage Lenders estimates that gross mortgage lending reached £16.5bn billion in March. This is a 21% rise on February at £13.6bn and 7% higher than last year.
Legal & General and Virgin Money have partnered to launch an exclusive range of deals catering to remortgage customers which will include free valuations and free legal work.
Housing supply pressures are causing house prices to continue to rise.
The average deposit for house purchase using the Help to Buy mortgage guarantee reached a 10-month high in February according to the Mortgage Advice Bureau (MAB).
Private house building slowed by 1.6% in February while output in the overall construction industry declined by 0.9%, government statistics revealed.
Custom build properties could be the solution to the country's housing woes by providing cheaper-to-construct homes at less risk to mortgage lenders, a report from Mortgage Advice Bureau has shown.
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