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More on Mortgages
More on Mortgages
Mortgage lending and mortgage holders have been in the spotlight yet again this week, although this time not because of falling interest rates. News that mortgage lending in the UK experienced a monthly increase of 16% in March was well received in business as was the government announcement of further financial help for mortgage holders in difficulty.
According to the Council of Mortgage Lenders (CML), lending for mortgages in the UK rose by 16% in March compared to February. Coupled with this optimistic figure came the news that house sales increased by 40% in March. This combination has prompted many to see signs that the property market is approaching a recovery.
However, financial experts are quick to point out that any optimism should be cautious – year-on-year mortgage figures for March show a decrease of 52%. According to the Director General of CML, Michael Coogan, the market is beginning to show some signs of stabilising, but he warns that “housing transactions and lending are set to remain low for the foreseeable future”.
For mortgage holders experiencing difficulty with repayments, the recently announced budget for 2009 includes further financial aid. Around 25% of British households (about 6 million) are reportedly struggling to keep up with bill payments (including mortgages) and more expected are to join them as the recession continues this year. Government measures include widening the eligibility for the Mortgage Rescue Scheme and the deferal of some interest payments on mortgages for up to two years under the Homeowner Mortgage Support Scheme.
These schemes are similar to the US mortgage rescue plan presented two months ago, although the British allocation of funds is far lower than those assigned by the US Treasury. However, as Barry Aldridge, Director of Obelisk Private Finance, points out, this type of rescue plan is important to boost confidence in a market. “Both the UK and US housing and mortgage markets are in very similar situations at the moment,” says Barry, “and government injections of cash provide vital consumer confidence. This week’s combination of higher mortgage lending figures and rescue schemes will considerably help to boost the market.”
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