Bradford & Bingley has responded to the latest lending figures published by the Council for
Mortgage Lenders, saying it welcomes the news that
mortgage lending is up.
Duncan Pownall, mortgage development manager for the building society, said it was good news that mortgage lending was up to £27.5billion. This reflects an increase of nine per cent on July’s figures.
He also hailed the surge in people applying for a
remortgage, claiming that Bradford & Bingley predicted this growth.
Mr Pownall noted that mortgage holders have been taking advantage of mortgage
lenders desperate to gain market share.
In terms of home purchasing activity, which has slowed down, Bradford & Bingley stressed the need to focus on first time buyers. The number of
first time buyers entering the market has remained steady around the 30 per cent mark.
Although the price of fixes has declined, Bradford & Bingley noted their popularity has grown to represent 54 per cent of total lending. This is the highest proportion since records for the Council of Mortgage Lenders began.
On this, Mr Pownall commented: "As ever though, it is important that borrowers take advice when choosing a mortgage to ensure that they get the deal that is best suited to them and not just the deal with the lowest headline rate.
