Mortgages are still very much available for those looking to buy a home, according to new research from broker John Charcol.
Simon Collins, product technical manager at John Charcol, said that it might be flying in the face of the doom and gloom reports, and predictions from many lenders and estate agents, but purchase business for both residential and buy to let property is holding up surprisingly well.
“John Charcol’s November figures reveal that Residential Purchases were up slightly on October at 57 per cent of business submitted. The figure was also up over 10 per cent on the same month last year, and would suggest that despite much of the reported negativity in the housing market there are still deals to be done. Buy to let purchase business was also significantly up on last year too, as savvy landlords realise that there are some very good investment opportunities to be had out there. Landlords also appear to be gearing up ready for an assault in the New Year to snap up some winter bargains while overall market sentiment remains low.
“Despite the approaching festive season, we have seen the number of good quality purchase enquiries hold up very well, so whilst the market’s not great, it’s not as bad as it’s being painted. It has undoubtedly been helped by some great product innovation this year with Accord’s “Golden Handshake” Hybrid products leading the way. Even some less well known lenders have got in on the act, with Saffron’s Rent To Buy and Newbury’s Family Offset products both available at 95 per cent Loan to Value.
