UK mortgage lenders see housing revival grow

Mortgage lenders have experienced their busiest month in five years amid signs that the new Help to Buy scheme is spurring competition to attract low-deposit borrowers

How to get on the property ladder
How to get on the property ladder

Mortgage lenders have experienced their busiest month in five years amid signs that the new Help to Buy scheme is spurring competition to attract low-deposit borrowers.

An estimated £17.6 billion worth of mortgage deals was advanced in October, marking the highest total since October 2008 and a figure which is more than one third (37%) higher than the same month a year ago and a 9% jump on September, the Council of Mortgage Lenders (CML) said.

Last month marked the launch of the new phase of the Government’s flagship Help to Buy mortgage lending scheme, which offers state-backed mortgages to people with deposits as low as 5%.

The CML said that while it was too early to see a big direct impact yet, the initiative would add further fuel to the housing market revival in the coming months.

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