Photo by Mortgage Market Update: Stability Returns Amidst Rate Cuts and Lending Policy Changes
The mortgage market has witnessed a period of relative stability, with house prices rising for the sixth consecutive month, according to the latest Halifax House Price Index. The average property price now stands at £288,688, with a 1.5% annual increase.
Santander has announced changes to its lending policy, loosening criteria rules for landlords and updating its anti-money laundering policy for deposits. The bank’s broker-only arm will no longer capture details of monthly running costs for buy-to-let properties, and its affordability assessment will be based on rental cover only.
Santander updates lending policy
The lender has also introduced new anti-money laundering questions about deposits for mortgage applications. For gifted deposits, applicants will be asked about the occupation(s) of the person(s) providing the gift and how they generated their funds. For applicants’ own savings, they will be asked how they generated their funds.
 Mortgage applications
In other news, the Guild of Property Professionals has reported a significant improvement in selling activity this year, with around 25% more sales agreed year-to-date compared to the same period last year.
 House prices
Foxtons chief executive Guy Gittins has highlighted a static start to the year, but with a considerable improvement in selling activity. The market is unlikely to see huge fluctuations in the near term, with a period of relative stability in both house prices and interest rates giving buyers and sellers confidence.
 Mortgage rates
As the market continues to evolve, it’s essential for buyers and sellers to stay informed about the latest developments in lending policies and interest rates. With the Bank of England expected to cut interest rates this summer, the mortgage market is poised for further changes in the coming months.
 Interest rates
Stay tuned for more updates on the mortgage market, and don’t forget to follow us for the latest news and insights.
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