UK mortgage lending rose solidly in March, according to Bank of England data.
The amount of money borrowed for house purchases hit its highest level since September, as prices surged.
This continued increase in consumer and mortgage lending is good news for the UK economy. It shows that people are still confident about taking on debt, despite concerns about the future. With interest rates remaining low, this should continue to support the housing market and help to keep prices stable. However, some analysts are warning that this level of borrowing could be unsustainable in the long term, and that mortgage defaults could eventually become a concern.
Taking on a mortgage is one of the biggest commitments most people will ever make. Whether you are buying your first home or refinancing an existing mortgage, there are a number of important steps you need to take in order to ensure that you get the best deal possible.
To start, it is essential to carefully research different mortgage lenders and products before making a decision. There are many different types of mortgages available, and each one has its own set of pros and cons. It is important to compare mortgage rates, fees, and terms before deciding which loan is right for you.
Once you have chosen a mortgage, it is important to stay on top of your payments. Missing a mortgage payment can have serious consequences, including the risk of defaulting on your mortgage and potentially losing your home. You should also keep a close eye on any changes to the mortgage terms, such as an increase in interest rates or fees.
If you need help managing your mortgage, there are a number of resources available, such as financial advisors or mortgage brokers who can help with expert advice.
According to Zoopla,
- Average UK home worth £249,700
- Average price up 8.3% in the year to March 2022
- Wales records the highest regional growth
Wales has recorded the largest rise in house prices with a figure of 12.1%
Will these rises continue
Whether or not this rise in mortgage lending is a cause for concern remains to be seen. For now, it appears that many people are still confident about taking on mortgage debt, even as house prices continue to soar. Only time will tell if this trend can be sustained or if it will eventually lead to a crash in the housing market.
