Mortgage Industry News

← Back

Cheap mortgages boost European market

Date: Thu, 01 Jun 2006

Mortgage lending within the UK accounted for a third of all gross advances in the EU residential mortgage market, according to a new study.

A report complied by market analyst Datamonitor discovered that in 2005 the UK was the largest mortgage market in Europe with gross advances totalling €418,028 million (£286,528 million).

In particular, the UK has benefited from strong house growth and a continued demand for property, with residential mortgage lending rising by 13.6 per cent.

Many consumers also showed their desire to shop around for the best cheap mortgage offer, with 41 per cent of all European mortgages taken out in 2005 being classed as a remortgage.

A recent study conducted by home loan provider Standard Life revealed that many UK homeowners see remortgaging as a way of securing a cheap mortgage deal with lower repayments and more favourable terms.

"Our findings show that today's mortgage-hunters are becoming savvier about the way they use their products," said Jackie Moran, head of sales proposition at Standard Life Bank.


© 1998-2005 DeHavilland Information Services plc. All rights reserved.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.