Sophie McNamee’s Post

🏦 Mortgage lending by Irish credit unions has surged by over 60% in the past year, now making up 10% of their total loans, according to the Irish League of Credit Unions (ILCU). 📈 In the April-June period, mortgage lending grew by 10% from the previous quarter, bringing the total issued to €518 million. As of June 2023, the total value of mortgage lending by ILCU members stood at €320 million. 💶

Here is what Richard Pike had to say about the latest UK Finance Later Life Mortgage Lending quarterly figures https://lnkd.in/e6yj7RAy

Lower interest rates, easier access to finance and an improved standard of communication from lenders are top of the wishlist for 2025 for commercial mortgage brokers, the latest SME Pulse survey from Atom bank has revealed. #InteresRates

Selina Finance has made a series of criteria improvements, including doubling the maximum loan size available for both its Homeowner Loan and Home Equity Line of Credit (HELOC) products. The maximum loan size on offer has increased from £250,000 to £500,000 for those applying for Selina’s Status 0 products, up to 75% loan-to-value. In addition, Selina has fully rolled out its pre-consent funding to all eligible loans. The policy, which was soft-launched last year on selected cases in an industry-first move, allows loans of up to £100,000 to be funded prior to written consent for the loan being provided by the first-charge mortgage lender. To be eligible, borrowers will need to have a first-charge mortgage with one of the following lenders: Halifax, NatWest, Santander, Nationwide, Skipton Building Society, Barclays, Coventry Building Society, Leeds Building Society, HSBC, Birmingham Midshires, Clydesdale, Accord Mortgages, Lloyds Bank, Royal Bank of Scotland, Yorkshire Building Society, Bank of Scotland, TSB and Virgin Money. Selina Finance has improved its pre-consent funding process to ensure that it is now entirely seamless, delivering a faster and smoother experience for brokers and their clients. The latest criteria updates are effective immediately with further changes expected to follow soon. https://lnkd.in/efWptmfp

Second Charge mortgages becoming much more popular – new figures Homeowner loans, often referred to as second charge mortgages, are growing in popularity, new research shows. Analysis of official data from the Bank of England and Finance & Leasing Association reveals that second charge mortgage lending to UK consumers grew 17% year-on-year in H1 2024. As a result, second charge mortgages recorded the fastest growth rate of any market segment, beating the 13% growth in first-time buyer lending and 5% growth in further advances. All other market segments saw a year-on-year decline in lending activity between January and June 2024. Homeowner loans allow customers to access the equity locked up in their homes without impacting their existing mortgage rate. As a source of capital for home improvement projects or to consolidate debts, they offer an alternative to credit cards or personal loans. Rates are typically lower, funds can be repaid over a longer period of time and customers can make unlimited overpayments.

Tough times can hit anyone at any time. The rising cost of living, increased mortgage repayments, or a major upheaval in life can all impact your budget and finances. It is important to remember that support is available. CreditSmart is a good place to start for tips and links to the many resources and services to help you manage your credit during these difficult times. https://lnkd.in/gFZdpsxD

Brighten Home Loans’ 2024 borrower survey revealed that 61% of prospective home buyers in the next five years are considering loans from non-bank lenders. According to the RBA, non-bank lending in Australia has grown rapidly since 2015, driven mostly by mortgage lending where growth has averaged almost 15 per cent on a six-month annualised basis, this is more than double the rate recorded by banks. “If the mortgage industry — lenders and brokers alike — continues to empower borrowers, there is no reason why we won’t see non-bank market share climb higher in the next few years, making home loans more accessible to a wider group of Australians with diverse financial needs,” Chris Meaker said. To read the full article from Australian Broker, click here: https://lnkd.in/gE-p3454 #Brighten #MortgageBroker #Homeloans #AustralianBroker

📈 Credit Unions See 51% Jump in Mortgage Lending Credit unions in Ireland reported a 51% rise in mortgage lending in the year to September 2024, highlighting their growing role in the market. This shift presents exciting opportunities for finance professionals as credit unions expand their influence in a bank-dominated space! Read the full article here: https://lnkd.in/ebCcJEj9 #creditunionsireland #mortgagemarketireland #mortgages #consumerlending

Total commercial real estate mortgage borrowing and lending is estimated to have totaled $429 billion in 2023, a 47% decrease from the $816 billion in 2022, and a 52% decrease from the record $891 billion in 2021.

With a €150bn backlog in Irish residential market, or, 1.45m 18-44’s not owning with 70% seeking to own, that’s now 1m 18-44’s, rising €6bn a year. €2bn is welcome but whole new regional community banks are needed in regionals to step up supply, given it’s now 27 years to own a home for 18-44’s, and it’s getting ten years longer each decade. And the First time buyer rate has slowed 50% in regions in the past 10 years, putting regional employers and young at a disadvantage to the minority of the population that live in outer Dublin. Which all means policy and plans are seeing young outward migration accelerate to an extra 400,000 a decade which means 80,000 less children a decade. That’s a false narrative that ‘Ireland is getting older’; had the young got homes and remained, it is 480,000 additional 0-44’s. Nearly 10% addition to the population lost due to housing & economic / social policies of Rebuilding Ireland / NPF. Both the reduction in home ownership and stock supply are leading to aging population due to less young & less children plus the socio economic impact of €40bn less ownership / inflation a decade seeing reduced available town trade spend (rising vacancy in town centres) & lower productivity / higher cost of living due to the flaws in the National Planning frameworks housing policies not measuring home ownership nor actioning improvements for 2025 to 2040 in policies. Until policies / plans of NPF 2025-2040 measure home ownership by year and include the 1m seeking to own, alongside actioning the Housing Commission reports, housing is going to continue holding back the growth of Ireland.