Mortgage lending is easier for the first time since 2014

Those looking to get onto the property ladder in Exeter and Devon will be happy to hear that it is easier to get a mortgage right now than any time since 2014.

After the housing crisis, mortgage lending standards became unreasonably tight for many years. The inability to source a mortgage has been an issue particularly acute among first-time buyers.

However, the tide appears to be changing as research has shown that nearly a third of mortgage brokers hadn't encountered any problems sourcing mortgage for any type of client in the latter half of last year. This figure was up 26% from the first half of 2016 and double that of 2015.

The rate of mortgage brokers who were successfully able to secure a mortgage for borrowers who are self-employed or have irregular incomes has increased, as the rate of those unable to do so fell from 50 percent to 25 percent from the first to the second half of the year.

Likewise, the rate for those who failed to source mortgages for interest-only borrowers fell from 52 percent to 31 percent. Those looking for mortgages lasting into retirement also saw an increase in success rates, as rates for brokers unable to source for borrowers in these circumstances fell from 43 percent to 29 percent between the first and second half of 2016 too.

Estate Agents in Exeter and the East Devon area say that property market in the region has been very busy for the past year, despite the threat of instability posed by Brexit.

With interest rates low and the uplifting results from this research on mortgage lending, it’s looking like there may be more opportunities for people to get on the property ladder in Devon this year.

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