The OSB Group, one of the UK’s leading mortgage lenders, has reported a record £5.8bn in new mortgage loans in the first half of 2020. This is an increase of 11% compared to the same period last year and is a testament to the strength of the UK’s housing market.
The OSB Group has been a major player in the UK mortgage market for over 30 years and is one of the largest providers of residential mortgages in the country. The group has a wide range of products available, including fixed-rate and variable-rate mortgages, as well as buy-to-let mortgages.
The rise in new mortgage loans is due to a combination of factors. Firstly, the UK government has introduced a number of measures to help people purchase their own homes, such as the Help to Buy scheme and the Stamp Duty holiday. These measures have made it easier for people to get on the property ladder and have helped to stimulate the housing market.
Secondly, low interest rates have made it more affordable for people to take out mortgages. The Bank of England base rate has been at a historic low since March 2020, which has made it easier for people to borrow money and purchase their own homes.
Finally, the OSB Group has been proactive in responding to the changing market conditions. The group has launched a range of competitively priced products, such as fixed-rate mortgages with no early repayment charges, which have helped to attract new customers.
The OSB Group’s record £5.8bn in new mortgage loans is a sign of the strength of the UK’s housing market. It is also a testament to the group’s ability to respond quickly and effectively to changing market conditions. With low interest rates and government initiatives helping to stimulate the market, it looks like the OSB Group will continue to be a major player in the UK mortgage market for years to come.