Mortgage News
Innovation not behind increasing volume, say brokers
Mortgage brokers believe increasing innovation is not to thank for the growing mortgage market, the results of our poll have shown.
Last week figures released by the British Bankers’ Association showed mortgage lending by banks had increased by more than 50% in the past year as high street names have taken advantage of a growing mortgage market.
The trade association said bank gross mortgage lending was 52% higher in April, at £12.2bn, than the same month a year ago.
More than nine-in-ten brokers (92%) responding to the latest Mortgage Solutions People’s Poll said this increase was not down to greater innovation from banks.
Only 8% of brokers said banks were being more innovative than a year ago.
Jonathan Harris, director of mortgage broker Anderson Harris, said the market must wait for the impact of the Mortgage Market Review to be fully felt.
Industry, not regulation, must lead later life lending change
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“While it’s still early days, with many lenders introducing the new rules weeks ahead of the official launch, its’ impact may already be starting to be felt.”