Mortgage lending is on the increase

Looking at the latest figures from the Bank of England, it shows us that more mortgages have been approved compared to figures at the start of 2012.

There was a significant increase, with 55,785 mortgages accepted with the previous year at 50,058.

As it was the highest number of approvals since January 2012, this could prove that the government's "Funding for Lending" scheme might be starting to have an effect on the market.

Adrian Coles, Director-General, Building Societies Association, said: "Mutual lenders such as building societies are likely to continue to play a prominent role in the mortgage market in 2013, helped in part by the Bank of England's Funding for Lending Scheme."

"Well over half of the 35 firms signed up to the scheme in December are mutuals. The full potential of the scheme and its benefits to homebuyers will be demonstrated as the year progresses."

If you're a first time buyer, here are some points to keep in mind when you start to think about applying for a mortgage.

1. Can you afford the monthly payments?
2. Do you have good credit history?
3. Don't make too many credit searches by applying to many lenders at once.
4. Ensure you're on the electoral roll and your address is registered.
5. If you're self-employed, can you prove you have regular work to make the monthly payments?
6. Do you have too much debt?
7. Are there any financial problems or have there been in the past?

Ferdinand Kelly are specialist conveyancing solicitors servicing Smethwick, Birmingham, West Midlands and the rest of the UK.

If you'd like advice about mortgages, we have excellent advisors to help find the best lender for you.

When you're looking more towards instructing a solicitor, we can offer competitive quotes with no hidden fees. We understand you need solicitors you can trust, who'll go that extra mile to ensure your transaction is quick and simple. Our happy client's are a testament to this!

Ferdinand Kelly LLP

Smethwick Conveyancing Solicitors