Gross mortgage lending across the residential market in October 2019 was £25.5 billion, 0.9 per cent lower than in the same month in 2018, according to the latest data from UK Finance.
Mortgage approvals for home purchases by the main high street banks in October 2019 were 3.0 per cent higher, remortgage approvals were 12.7 per cent higher while approvals for other secured borrowing were 2.1 per cent lower than in October 2018.
Jonathan Sealey, CEO at Hope Capital, says:
“One of the interesting features in the October figures from UK Finance is the full market mortgage lending in comparison to the high street banks’ percentage. Although the main banks continue to take the lion’s share of mortgage lending, it appears that borrowers are looking at alternatives to find the funds they need.
Confidence is still being knocked by the uncertainty of what will happen as far as Brexit is concerned and the purchase market has stagnated.
As a bridging lender we are seeing more borrowers and investors looking for finance to refurbish and improve property rather than moving or selling. It appears that until things are finally sorted out homeowners and property investors would rather sit tight, only moving or selling if they have to rather than because they want to.”