Mortgage Market Update: Biggest Lending Surge Since 2007

Mortgage Advice in Manchester for 2021

The British Prime Minister Boris Johnson announced that another lockdown will take place from 6th January 2021 in his recent coronavirus update. Although lots of people may look at the negatives, there are some positives to take from this recent announcement.

Like the November 2020 lockdown, the property market has remained open and is still functioning as normal. You can still attempt house viewings, carry out a home purchase or home sale.

Here is a mortgage market update from Malcolm the ‘moneyman’ himself:

Lockdown 2020 and getting a mortgage in Manchester

In the November 2020 lockdown, there was a huge fluctuation in the number of mortgage enquiries in the UK. Home purchases shot up to 105,000 during the November lockdown, which is the highest that it has been since August 2007.

In October 2020, purchase approvals were at 98,300. This is an increase of 6,700, which is quite impressive considering we were in a national lockdown.

Lockdown 2021 and getting a mortgage in Manchester

Focussing on the property market, this January 2021 lockdown is looking very similar to the November 2021 lockdown. You are still able to do everything that you could prior to the lockdown. Whether you want to start your mortgage journey off your own bat or through a Mortgage Broker in Manchester is entirely up to you.

January is a busy time of year for the property market, it particularly attracts First Time Buyers, Home Movers and even landlords, etc. The market is still catching up to speed and more products are slwoly becoming available. The more options that are on the market, the more chances you have of finding a mortgage perfect for you.

90% mortgages are still available

Yes, that’s right, 90% are back. They took a time to make their way to the forefront of the market, however, they are here now and lenders are much more confident in giving them out. If you have a 5-10% deposit, now could be your time to take a step up the property ladder.

If you are looking for alternative ways to access a 90% mortgage, you could consider the Help to Buy Equity Loan scheme or the Help to Buy Shared Ownership scheme. Taking advantage of a Help to Buy mortgage scheme could be a great option for you and could help you start your mortgage process with ease. If you have a 5-10% deposit and are interested in Help to Buy, feel free to get in touch with your Help to Buy Mortgage Advisor in Manchester today.

Open as usual

Just like the property market, Manchestermoneyman is running as normal too! If you want to begin your 2021 with a new mortgage deal, you know to contact. We have Mortgage Advisors in Manchester available 7 days a week.

Our free mortgage consultation also applies to every customer in every mortgage situation, so don’t hesitate to call. We can’t wait to hear from you in 2021.