The Council for Mortgage Lenders are out with some figures and the numbers are still strong despite new rules on lending coming into effect in October.
- First time buyer loans +17.0% in Q2 vs Q1 and +24.0% on Q2 2013. Total first time buyers borrowed £11.5bn +12.0% vs Q1 and +34% on Q2 2013
- Remortgages fell 2.0% in Q2 but was up 5.0% againt Q2 2013
Remortgages were up in June against May but still well down y/y;
UK CML mortgages m/m 11 08 2014
There may be an element of front running the new BOE mortgage rules but the banks will already be tightening up in readiness. The crunch will come after the rules are in place and how that affects lending.
Full details of the CML report can be found here.
