There has been an increase in the amount of money being borrowed for house-buying recently, with mortgage lending reaching £449 million for the first quarter of 2019.
This is according to Paragon Banking Group’s latest findings, which showed that Q1 mortgage lending for the year had risen by 22 per cent compared with 2018’s statistics, when the figure was just £367 million.
It is thought that its deposit raising is helping to support its funding programme, with savings exceeding £5.6 billion at the end of the three-month period.
People buying homes to live in themselves was not the only borrowing Paragon experienced, as buy-to-let lending also increased significantly.
Borrowing for buy-to-let purchases rose by 24 per cent to £425 million in the first quarter of 2019.
Managing director of mortgages at the financial services provider John Heron said: “Our buy-to-let mortgage capability continues to grow from strength to strength as we expand our specialist proposition to meet the needs of larger scale landlords with more complex portfolios.”
Of course, many homebuyers are end-users and want to move into the property they are purchasing. This type of borrower might need as much finance as possible, as Compare My Move recently revealed research that showed the average cost of moving home is £10,047, This is Money reported.
If you are moving home soon, do not forget to get yourself some furniture gliders, as these are great at helping you transport large pieces of furniture from one property to another.