People are still talking about mortgages being hard to get and the bottom line is that they are. But things are improving and at this stage that is the best we can hope for.
According to trustworthy figures that number of approved mortgages and buy to let loans rose from 8.3 billion in April to 9 billion in May. An increase of 4.3%. Which is a fairly significant rise and certainly could be taken as a positive sign.
One thing that is certain though is that only the major high street banks are really in this game at the moment with the overwhelming majority of these loans coming from one of them. That is not a problem as such but we know the industry is full on into recovery when the smaller institutions get in on the act. Plus it is very good for competition and diversity. We don’t wan the big boys having it all their own way.
Luckily many think that the government’s new budget is set to stimulate this loans sector to new growth so with any luck we may start to see the spreading of these loans to other, smaller banks very soon.
