Home buyers borrowed £9.6 billion in April 2017, according to CML, the Council of Mortgage Lenders. The figure is down 14 per cent on March, but up 19 per cent on April 2016.
April saw 51,200 buyers taking a loan, a 16 per cent drop on the previous month.
First-time buyers borrowed £4.1 billion, taking out 25,400 loans, while movers borrowed £5.5 billion.
Gross buy-to-let loans saw month-on-month decreases, down 17 per cent on March but roughly the same as April 2016’s figure.
The average amount borrowed by home movers in the UK increased to £176,500 from £172,400 the previous month, while the average home mover household income increased month-on-month from £54,100 to £55,200.
Paul Smee, Director General of the CML, comments: “April comparisons are distorted by the weakness last year following the stamp duty changes, and the normal seasonal lending surge in March. But the seasonally adjusted picture shows lending relatively unchanged month-on-month across all lending segments.
“Heading into the summer months, we expect the market to remain slightly lopsided. Buy-to-let and home movers may well remain subdued, as they have been for the last six months. But both first-time buyer and remortgage lending should maintain momentum on the coattails of the attractive deals available.”
With traditional funders not lending as readily as previously experienced, alternative methods to source finance is becoming increasingly popular.
If you are looking to secure finance for your home or business, our partner BM Structured Finance is available to assist. With strong relationships with a number of providers, they will work with you to tailor the facility to best suit your individual needs.
Contact Simon Belton of BM Structured Finance to find out more about the various funding options available to you.