The amount of mortgage commitments outstanding seems to be on the decrease.According to statistics from the UK's two financial regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the total of outstanding residential loans fell by 0.1 per cent in the first quarter to £1.2 trillion.This shows that some people are managing to pay off their mortgages. Meanwhile new home buyers are getting loans at cheaper rates, which could be thanks to government schemes.Some home buyers who have taken out new mortgages recently will have been able to take advantage of the Funding for Lending scheme, which was implemented with the intention of making loans cheaper.Indeed, the PRA and FCA found that the value of new mortgages had fallen during the first quarter by 4.3 per cent compared to the same time in 2012. The total value was found to be £35.5 billion.Yet the results of Help to Buy would not have been included in the statistics as it was not introduced until April this year. Aided by this, it is possible that the value of housing finance commitments could fall further.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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