Mortgage borrowing down in February

Mortgage lending to fund house buying and remortgaging in Northern Ireland and the rest of the UK was down in February according to the latest figures from the The British Bankers' Association (BBA).

The 30,506 new approved mortgages in February is the lowest amount since July of 2012, and is down 6% on February of last year. While the Funding for Lending scheme introduced by the Bank of England was expected to result in an increase in house purchases, particularly among first time buyers, it is thought that existing home owners are choosing to take advantage of the low interest rates to increase their equity share in their property rather than trade up and move to a new home.

The Council of Mortgage Lenders (CML) is still holding out to see the knock on effect of the Funding for Lending scheme and are predicting an improvement in the number of new mortgages over the coming months.

If you are buying, selling or remortgaging a property in Northern Ireland and require a conveyancing solicitor to handle the process for you, contact Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9290.