Mortgage market to end 2015 on high note

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Mortgage market to end 2015 on high note

UK mortgage market growth has been strong and could end the year on a high note, Henry Woodcock has predicted.

The principal mortgage consultant from financial software firm Iress, said: “The mortgage market is firing on all cylinders. Demand is being driven by continued interest from prospective house buyers and a surge in the remortgage market, and this is being matched by the availability of finance.”

Mr Woodcock said it was unlikely that a possible interest rate rise, or significant government intervention in the remainder of 2015, would derail what looked to be strong end-of-year targets for mortgage lenders.

“Eyes are now turning towards end-of-year targets, fuelling interest rate competition between lenders, further stimulating borrower demand. The mortgage market looks well set for the remainder of the year,” he added.

Adviser view

Jonathan Harris, director of London-based Anderson Harris, said: “Mortgage brokers are certainly busy, as borrowers increasingly turn to an intermediary to help navigate the post-Mortgage Market Review world with its many challenges.

“Those who can jump through all of the necessary hoops will be rewarded with some very competitive rates indeed – a trend that shows no signs of abating as lenders vie for business and interest rates look set to remain low.”