subject: 29% fall in new mortgages, increase in contractor mortgages? [print this page] 29% fall in new mortgages, increase in contractor mortgages?
The Council of Mortgage Lenders has measured a 29% decline from December to January of house purchase loans, this amounted to a 26% decline in house purchase loan value. It was also 12% in number and 13% in value, down from January's figures last year. This is surprising considering that the market conditions last year are thought to be harsher than this years.
Contractors experiencing this problem may be surprised to find that with new services and the education of lenders, they might actually find it easier to get a mortgage this year rather than last.
Director general of the CML, Michael Coogan, commented:
"Pressures on household budgets have been increasing both in terms of take home pay, and indirect tax measures such as the VAT increase and recent inflationary pressures, so we were expecting a fall in transactions early in the year, and a flat mortgage market underpins our forecasts for 2011."
"The bad winter weather and uncertainty over interest rate rises will have exacerbated the fall in lending in January, so it would be premature to draw any firm conclusions about activity levels over the next few months. The market remains stable at low levels of transactions."
Contractor mortgages are a relatively new product in the market place and this fall may not show the whole picture. Undoubtedly the advancements we were able to make as a company and as an industry last year has made it easier for contractors to secure a mortgage, so we would expect to see the number of Contractor mortgages to have gone up.
Contractor Mortgages Made Easy specialises in competitive mortgages for contractors regardless of which payment mechanism you utilise. In essence, we can position your situation with the lender so they do not discriminate against you for being a contractor for lending purposes.
Arranging contractor mortgages can seem difficult, but we make it simple for you. By combining our sophisticated technology with human expertise of the contractor mortgage market place, we can identify and arrange the contractor mortgage that best fits your personal circumstances.
We have quickly established a reputation in the contractor mortgage marketplace associated with quality. We consistently provide a speedy, straightforward service for busy contractors who need to trust someone to find the right contractor mortgage and get things done.
