The advance could certainly be deemed more political than anything else, and whilst there is an argument that the market didn’t really need this with first-time buyer activity at its highest since 2007, the new scheme completes a product range for clients that is as strong as it was pre crunch.
There are now over 10,000 mortgage products available, the highest since 2008. So with more products, more demand, and more aggression from lenders, is it finally time we all admit that hey, the mortgage market is back?!
Appetite is there, rates are there, the only missing link is a steady supply of housing. However, as confidence is restored on borrowing, so too may the confidence restore in the vendors ability in themselves to advance up the ladder. If vendor confidence is restored and more properties are brought to market, we could be set for a busy time ahead.
For the first time in five years, when out ‘networking’ (yes, I said networking) I was asked by someone what I did for a living and when I replied ‘mortgage broker’, it was not met with the tilt of the head, sympathetic smile and charitable ‘ah, tough times, why don’t I get these in?’.
My response was met with ‘wow, it must be a good time to be one of those’ You know what, I think it is!
However, let’s not believe we are out of the woods just yet and continue to recite the Brokers Prayer together.
Altogether now:
Our lender, which art in lending,
Lending be thy game.
Thy products come.
Thy tie ins none, on earth,
As it is in underwriting.
Give us this day our daily rates.
And forgive us our missed payments,
As we forgive those that lied on non-status.
And lead us not into self-certing,
But deliver us from bridging.
For thine is the non-dom,
The ex pat, and multi-storey.
For never say never.
I’ll lend.
Now, steady on the wine. We’ve got a busy few months ahead.
Lea Karassavas is a mortgage broker at Prolific Mortgage Finance and has over 14 years expertise in the mortgage industry. Follow him on Twitter @Mortgage_Mind
