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HS Financial Services - Mortgage lending to jump 10%
Mortgage lending to jump 10%
Gross mortgage lending for next year is set to increase by around 10 per cent in 2015, experts have predicted, as the market bounces back in the wake of the general election.

This year gross mortgage lending is set to be around £205bn, compared to £176bn in 2013, £145.3bn in 2012 and £141.3bn in 2011.

Speaking to FTAdviser, Nigel Stockton, Countrywide’s financial services director, said that mortgage lending should increase from circa £205bn in 2014 to £215-220bn in 2015.

“Some of this will come from increased remortgage activity, as a bank base rate rise looks increasingly likely, but I also expect some transaction growth albeit at modest increases to 2014 and predominantly outside of London.”

He added that whilst overall gross mortgage lending will increase, he believes most of the action will be post-election.

Ray Boulger, senior technical manager at John Charcol, expect this year’s total to be about £207bn.

Mr Boulger predicted that some new lenders will enter the market or extend their proposition through brokers, helping to drive competition, although several lenders are also likely to increase mortgage lending next year.

“Therefore, my forecast is for gross lending in 2015 is £200-£225bn, with the increase split fairly evenly between purchase and remortgage.”

He also agrees that the election provides an “obvious excuse” to delay property purchases “but less so for a remortgage”.

Mr Boulger said: “If David Cameron emerges as prime minister, the resulting EU referendum two years later would provide a further excuse to do nothing. However, as pent up demand increases, many won’t want to defer action for two years until after a possible referendum.”

He added that both estate agents and house builders are reporting a more challenging market and house price increases are slowing down which all make it difficult to see the number of housing transactions increase much from this year’s 1.25m. This is a 17 per cent increase on the 2013 figure.

“Therefore any increase in mortgage lending will primarily come from higher purchase prices and/or loan-to-values or an increase in remortgaging. Remortgage approvals are flat in the first nine months of this year, but that disguises an increase in Q1 and falls subsequently... largely down to the MMR.”

Dale Jannels, managing director at All Types of Mortgages, argued that seasonal trends are out of the window and most lenders have advised that they have a big increase in targets for 2015.

He agrees with Mr Boulger that gross mortgage lending will be around £225bn next year and, as a result, “we will see lenders continuing to compete aggressively for volume”.

Mr Jannels said: “This can only be a good thing for the end consumer.”
Posted by: Anne Barker on 14 Nov 2014

General Buyer Terms

This agreement is in relation to MediEstates Limited whose registered office is at 1st Floor, Pacific House, Stanier Way, Wyvern Business Park, Derby, DE21 6BF acting for and on behalf of our clients ("the Vendors"); and yourself (Buyer's Name) in relation for an introduction to a prospective sale of a business as a going concern. By registering through this agreement I agree to all terms set out below:

  1. Definitions
    In this Agreement the following terms and phrases shall have the following meaning unless the context otherwise requires:

    Business
    Dental Practice business providing dental care. This business is under the MediEstates Ltd sale terms.
    Confidential Information
    Means the actual Vendors identity and all confidential information in respect of the Business, including, but not limited to, any ideas, business methods, prices, accounts, finance, marketing, research, development, manpower plans, processes, market opportunities, intentions, design rights, product information, customer lists or details, employees’ details, trade secrets, computer systems and software, and other matters connected with the products or services manufactured, marketed, provided or obtained by the Vendor, and information concerning the Vendor’s relationships with actual or potential clients or customers and the needs and requirements of such clients’ or customers’ operations.
  2. Obligation of Confidentiality
    The Prospective Purchaser agrees to treat as confidential, information supplied by or on behalf of the Vendor in connection with the sale of the Business.
  3. Exclusions
    The obligation of confidentiality set out in clause 2 does not apply to:
    1. any information received from a third party who was legally free at the time of disclosure to disclose it;
    2. any information which was already lawfully in the Prospective Purchaser’s possession prior to receiving it from MediEstates Ltd on behalf of the Vendor; and
    3. any information which is in its entirety already in the public domain.
  4. Duties of Prospective Purchaser
    1. The Prospective Purchaser shall take such a reasonable security measures to protect the Confidential Information and trade secrets.
    2. The Prospective Purchaser shall not, without the prior written consent of the Vendor, permit any of the Confidential Information:
      1. to be disclosed, other than in confidence to its legal or professional advisors;
      2. to be copied or reproduced;
      3. to be commercially exploited in any way;
      4. to be used for any purpose other than in connection with the prospective purchase of the Business;
      5. MediEstates is registered under the Data Protection Act 1998. Upon Signing this agreement you agree to follow the legal obligations of this act to protect the details of the information supplied to you, with it no to be passed outside of the control of you the prospective purchaser.
    3. The Prospective Purchaser agrees to keep a record of Confidential Information received.
    4. The Prospective Purchaser will return to MediEstates or the Vendor all documents containing Confidential Information and all copies of those documents on demand at any time which are in its possession or under its control, and for this purpose the term “documents” includes computer discs and all other materials capable of storing data and information. The Prospective Purchaser agrees that such documents remain the property of the MediEstates on behalf of the Vendor.
    5. The Prospective Purchaser must not jeopardise or re-direct the sale under any circumstances.
    6. The Prospective Purchaser must not contact the Local Area Team or CCG regarding any practice sale, by any means of media unless written permission is granted from the Vendor.
    7. To carry out own due diligence on practice purchases and accepts that any information MediEstates has supplied is information provided by the vendor and is not responsible for its accuracy or completeness.
  5. This Agreement
    The existence of this Agreement and its terms are confidential and neither MediEstates nor the Purchaser may disclose anything about this Agreement or its subject matter or implementation to any person other than in confidence to their legal or professional advisers.
  6. Duties of Prospective Purchaser
    When buying Dental practices, finance is normally needed. Our organisation operated over more than one of the MediHoldings brand, by completing this from you agree that the information can be shared to our other organisations to avoid the need to register independently and provide the best possible service.

    MediEstates will refer you to the specialist dental lending team and MediFinancial who will contact the necessary banks, whom have preferential healthcare lending rates in some cases, to ascertain which funding is available to you.
    By signing this agreement you do not have to use any of the banks MediFinancial contact, it is just another service which we provide.
  7. Deposit for Dental Practice
    If you are interested in putting forward a formal offer in for a practice, once the offer is accepted there will be a deposit required to secure the practice sale which is dependant of the practice size. This deposit is held in a client account and will be returned to the buyer on completion of the practice sale. You the buyer, will be required to sign a deposit schedule which will cover the buyer and the seller in the event that the practice sale does not proceed.
  8. Changes to this Agreement
    Any changes made to this agreement must be authorised and signed by one of MediEstates Ltd Directors.
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