23 May

Property buyers waiting for the right mortgage

Property buyers waiting for the right mortgage

Many property buyers in the UK are now waiting for the right mortgage to come along, having missed out on the stamp duty holiday deadline in March, which saw people not have to pay the one per cent tax on property.

It was announced earlier this week by the Council of Mortgage Lenders (CML) that gross mortgage lending was down by around 19 per cent in April, mostly attributed to the fact that those who had missed stamp duty holiday were now waiting to buy.

Ben Wilkie, editor at What Mortgage, said: "It is not surprising that there was a big drop compared to March because March was a very busy month comparatively."

He went on to add that the market for mortgage lending is currently faring better than it has done in very recent times, but noted that there are still far fewer options for borrowing than there were even as recently as five years ago.ADNFCR-1222-ID-801370129-ADNFCR

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