The Council of Mortgage Lenders (CML) has increased its forecast for gross lending from £206 billion to £220 billion due to higher than expected housing transactions.
Local mortgage lender Vernon Building Society’s mortgage lending reflects the CML’s forecast with the number of mortgage completions 41% higher in the first seven months of 2014 than in the same period last year – £22.7 million compared with £16.1 million.
The Vernon’s Mortgage Manager, Kevin Baggs, said:
“We have definitely noticed an increase in the number of enquiries and applications we’re getting in comparison to last year and demand for our mortgages has been stimulated further by the recent introduction of exclusive products for local residents.”
Vernon Building Society have qualified mortgage advisers available for appointments in each of its seven local branches. The Vernon is also currently offering its best deals to borrowers within a 25 mile radius of Stockport who will benefit from a free valuation and help with legal costs on selected mortgage products. For more information visit www.thevernon.co.uk.