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National Mortgage Index July 2019

Sunshine doesn’t distract as some movers remain committed

Brian Murphy, head of lending for Mortgage Advice Bureau comments:

"Whilst June tends to see the start of the great summer get away, it seems that there was still market momentum over the past month. In terms of mortgages arranged, our brokers observed a somewhat steady ‘tick over’ in most regions.

"Many key indicators for home movers and first time buyers remained either stable or only marginally changed when compared to the previous month, although some year on year figures saw slightly more noticeable movements, albeit these were very much in line with data from other sources.

"As has been the case for the past twelve months or more, the regionally diverse picture continued in June, with the East and West Midlands, Scotland, Wales, Yorkshire and the Humber and the North still seeing purchase loan sizes increased on the previous month.

"However, it’s a slightly different picture inside the M25. Whilst many areas of London continue to appear to be suffering from ‘Brexit fatigue’ and a continuing downwards pressure on prices, anecdotally our brokers would suggest that there is an encouraging level of activity, particularly from First Time Buyers taking advantage of softer market conditions in order to negotiate on their purchase. Outside of the city, conditions appear to be starting to move a little, as there was a marginal but positive change in terms of average purchase loan size in the South East over the last month, suggesting that those who have decided to proceed with their purchase are paying at or close to asking prices, probably due to lack of stock meaning that vendors are holding out and being less open to negotiation.

"Across the month, many lenders reviewed their rates and repriced downwards, providing those who were moving or remortgaging with access to some of the lowest rates seen for some time. What’s also become more apparent is a move by many lenders to take a more pragmatic view around affordability where it’s prudent to do so, sending a clear message to the would-be borrowers that conditions continue to be favourable."

Click here to see the full NMI report

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