Fall in mortgages to purchasers and remortgagors in August

By Natasha Adamson

The number of new mortgages to purchasers and remortgagors in Northern Ireland and the rest of the UK fell by 5 per cent in August.

The figures from the Council of Mortgage Lenders do however show a 13 per cent increase in new mortgages compared to August 2013, and it is in fact the best level of mortgage lending in the month of August since 2008. Some commentators have said that the current level of mortgage lending indicates a drop in momentum in the property market as a result of tighter lending criteria. Predictions are that the property purchase activity will remain fairly subdued until their is more clarity on the future of interest rates.

Lenders have responded to fears of an interest rate increase by cutting the rates on a number of their mortgage products, particularly in terms of fixed rate deals that would offer some protection against future interest rate increases.

If you are buying, selling or remortgaging a property in Northern Ireland, and want to speak to a conveyancing solicitor for information or advice, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.