29 May

Mortgage data offers a "ray of hope"

Mortgage data offers a "ray of hope"

The latest figures from the British Banker's Association are a "ray of hope", according to independent mortgage brokers John Charcol.

Drew Wotherspoon, a spokesperson for the firm, noted that although the BBA's mortgage figures were still significantly down year-on-year, "we can however conclude that the mortgage market has not completely stopped in its tracks".

The BBA's analysis of high street bank's data found that mortgage lending strengthened last month from March, mostly off the back of increased remortgaging activity, which was said to be "exceptionally strong".

In terms of specific products, Mr Wotherspoon suggested that the best value is currently in the long-term market. He singled out Woolwich's ten-year fixed-rate deal as a good choice for borrowers with good equity and no need to move home for the next few years.

He concluded: "For those that require a shorter-term deal the message is definitely apply now. It looks as if we are about to see another round of price increases from lenders."
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