For a long time there has been a lot of uncertainty about the housing market, but one British report says that things may be looking for the better. Since last year there has been an increse of people taking out mortgages and borrowing more money. There was almost one hundred million dollar increase of loans taken out since last year. What this means is that people are making the property industry more valuble, but at what cost? Many people take on new loans for a multitude of reasons.
Key Takeaways:
- Despite the amounts being lent rising significantly from last year, this may not be a turnaround of what otherwise seems to be a positive trend.
- Loan sizes are going up, more than twenty percent; and volume is rising as well.
- Financial instruments customers are turning to mortgages to consolidate debt and take advantage of low interest rates.
“Enterprise Finance’s Second Charge Report found that an increasing number of consumers and investors were turning to second charge mortgages.”