2021 mortgage lending predicted to hit 14-year high of £285bn
Gross mortgage lending is expected to reach £285 billion this year, according to revised figures from IMLA (Intermediary Mortgage Lenders Association).
During the first five months of 2021, lending for house purchases was not only 87% above the same period the previous year but 51% above the same period in 2019. And while remortgage activity has been weaker, the number of product transfers where borrowers switch deals with their lender often without properly assessing the market has risen to record levels. IMLA’s latest report suggests £285 billion will be lent - the highest level of mortgage lending since 2007.
Kate Davies, executive director of IMLA, commented: “Our findings forecast that 2021 will see the highest level of mortgage lending since 2007 and, with a combination of Government support helping to underpin new purchases and a bumper year for mortgage product maturities, we expect this high demand to continue.”
Source: Intermediary Mortgage Lenders Association
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