Property & Mortgages

Mortgage market in the UK to reach highest lending level

The mortgage market in the UK is expected to see the highest level of gross lending since before the financial crisis this year as affordability for borrowers also hits a new high.

According to a new white paper from the Intermediary Mortgage Lenders Association (IMLA) total gross mortgage lending will reach £260 billion in 2017, some 5.9% higher than the £245 billion recorded by the Council of Mortgage Lenders (CML) in 2016.

But it predicts that the remortgage sector will be the most buoyant while the buy to let mortgage market will continue to contract in 2017 before growing modestly in 2018.

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