Rise in Mortgage Lending in the UK

Mortgage lending has risen to its highest levels since 2008, according to the Financial Times. This is due to a combination of record low interest rates together with a £12 billion boost to demand through the new government Help to Buy scheme. Lending to first-time home buyers has hit its highest quarterly total since 2007. This increase has resulted in a steady rise in house prices, particularly in London.

Research from the Lloyds Banking Group has found that mortgages are at their most affordable in 14 years, with payments accounting for just over 27 per cent of a new borrower's income in the second quarter of 2013. The self-employed are now finding it easier to obtain home loans as lenders ease their criteria. This has resulted in UK house prices reaching a five year high and are continuing to rise.

If you are self employed and are looking for a mortgage you will be required to produce at least 2 years’ accounts together with a projection as certified by a Qualified accountant. Belsize Accountancy are specialist accountants for contractors and the self employed and are qualified to provide the required certification. Our flexible team are able to respond quickly to meet your requirements. Feel free to contact us for details.