25 January 2010
Mortgage deals 'encouraging home purchases'
The number of people opting to purchase homes in the UK has been boosted by the increasingly competitive mortgage deals available.
This is according to Paula John, editor of Your Mortgage, who made her comments in the wake of the release of findings from the Council of Mortgage Lenders.
In its latest report, the organisation revealed that there was a rise in lending of 14 per cent last month.
"There are more mortgage lenders playing in the higher loan-to-value (LTV) arenas, so more of them are offering mortgages at 80 per cent LTV plus," Ms John stated.
Until recently, people had been "sitting tightly on their hands", not wanting to move house and not able to access finance due to the restrictions imposed by banks and building societies since the onset of the credit crunch, she added.
The expert went on to suggest that so far this year, the property market has been "surprisingly upbeat".