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30 November 2020

Commenting on the Bank of England Money and Credit figures, Jonathan Sealey CEO of specialist short term lender Hope Capital, said: “While it’s a good sign that the mortgage market remains robust with the number of approvals at a 13 year high, we may also be seeing the first signs that things are slowing down.

“Net mortgage borrowing while strong at £4.3bn in October is down on the September figure of £4.9bn, which could indicate would-be buyers are concerned they won’t make the stamp duty holiday deadline of March 31, due to the pressure on the system.

“With no sign that the Government is going to review or extend the deadline, now more than ever people need to look at alternative ways to finance their property purchase.

“High street lenders may be struggling to meet the timescales demanded by investors and home-buyers, but specialist lenders are able to move more quickly to get the deal over the line to benefit from the SDLT holiday.”