Word On The Street has achieved a remarkable milestone by arranging a record £108 million in property finance over the past year. This significant growth highlights the resilience of the UK mortgage market amid various challenges, making it an important development for landlords, borrowers, and investors alike.
How Did Word On The Street Achieve This Growth?
The firm reported a 130% year-on-year increase in the number of cases facilitated, completing a total of 239 transactions. This included 130 buy-to-let (BTL) cases, 82 bridging loans, 16 development finance cases, and 11 commercial mortgages. The average loan size reached £462,637, showcasing the firm’s ability to cater to a diverse range of financing needs.
What Does This Mean for the Mortgage Market?
The substantial growth in property finance arranged by Word On The Street is indicative of a robust demand for mortgage products, particularly in the buy-to-let sector. For landlords, this means more accessible financing options as lenders become increasingly willing to support property investments. Additionally, the 75% jump in total revenue to £1.8 million signals a healthy market environment, which could encourage further investment in property.
What Trends Should Borrowers Watch in the Mortgage Market?
As the mortgage market continues to evolve, borrowers should keep an eye on the increasing competition among lenders, which may lead to more favourable mortgage rates. With the current trend of rising property finance arrangements, it’s essential for potential borrowers to stay informed about current mortgage rates and explore mortgage rate comparison tools to find the best deals available.
Frequently asked questions
What types of cases did Word On The Street finance?
Word On The Street financed a range of cases, including 130 buy-to-let, 82 bridging loans, 16 development finance, and 11 commercial mortgage cases.
How has the mortgage market responded to recent challenges?
The mortgage market has shown resilience, with firms like Word On The Street reporting significant growth in both the value and number of cases facilitated, indicating strong demand for property finance.