Click n Go Mortgages: Confidence is returning
Confidence is returning to mortgage brokers and the market in general, one expert has said.
Confidence is returning to mortgage brokers and the way has now been paved for "strong and steady" recovery in the market, one expert has said.Click n go Mortgages, which provides professional financial advice, made the claim after the British Bankers' Association revealed that mortgage approvals on new home purchases had risen by 7.4 per cent in May, compared with April 2009.
The figure of 31,162 mortgage approvals in May was up 15.8 per cent from the same month in 2008, with the average value of an approved mortgage now at £133,600.
Peter Cowell, broker at Click n go Mortgages, said: "The increased awareness of shared-ownership and shared equity purchases is definitely helping those figures as well. It is very early days."
He added that as mortgage lenders approve more loans the market will continue to recover, citing loan-to-values as the real problem for the sector in the last few months.
"Lenders aren't looking to offer that much," the second mortgage expert explained.
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