Cornish Guardian: Mortgage approvals hit a four-year high
Wed 27 Feb 2013
House purchase loads climbed 17 per cent to reach 65,194 in January - the best month since the 3008 financial crisis first broke.
Falling mortgage rates are making home loans more affordable, while high LTV lending was up 30 per cent as more first-time buyers were able to get a mortgage.
The funding provided for lending by the Government has allowed lenders to introduce cheaper mortgages than have ben seen in recent years.
Charlie Staines of LSL Land & New Homes said: "Falling mortgage rates and an increasingly wide range of mortgages resulted in a four-year high of mortgage approvals in January, according to the data we have collated from our colleagues at e.surv chartered surveyors.
"Funding for Lending has come good and it has flooded lenders' balance sheets with cheaper funds which has encouraged them to reduce mortgage rates to record lows and roll out a much wider range of mortgages for high loan-to-value borrowers.
"It is helping clear the logiam in the first-time buyer market."
It is clear that, with such a large number of potential purchasers looking to secure these new mortgages, the signs for the property market can only be good.
Charlie added: "We have seen increased activityacross our new home properties in both Devon and Cornwall with buyers seeing the benefits of purchasing new homes from a developer.
"The speed in which you can purchase a new home is a key attraction especially if you are moivated to take advantage of the great offers available with these new mortgages."
LSL Property Services Plc are one of the country's largest property service companies, whose brands include Your Move, Reed Raines, Marsh & Parsons, Intercounty, e.surv and of course LSL Land & New Homes.