Remortgaging was particularly strong in September says UK Finance

November 16, 2017

Latest press release from UK Finance 14th November 2017 headlined ‘Prospect of rate rise boosted remortgaging in September’.

On a seasonally adjusted basis, lending to first-time buyers and movers in September was higher than in August, and there were year-on-year increases by volume and value.

UK Finance data shows home buyers borrowed £38.2 billion in the tird quarter, up 11 per cent on the second quarter of the year and 12 per cent on the third quarter of 2016.  This equated to 199,600 loans, up nine per cent on the second quarter and seven per cent on the same period last year.

Commenting on the data, UK Finances head of mortgage policy June Deasy said:

“Although lending slackened in September, it remained higher than a year ago.  Remortgaging was particularly strong, with borrowers seeking to lock into historically low interest rates in advance of the widely anticipated rise in Bank base rate at the beginning of November.  Over the last year, the number of loans for remortgaging has been higher than in any period since 2009.  Low borrowing rates mean that mortgage repayments as a proportion of income remain at or close to their historic low point.  While this ratio may edge upward in the coming months, monthly mortgage payments will remain affordable for the vast majority of borrowers.”

Read the UK Finance press release 14th November 2017 in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Estate Agent Talk

Identifying Common Structural Issues in Balconies

Living in a city like Sydney, where a breathtaking view of the cityscape and ocean can be the crowning jewel of your property, it’s no surprise that balconies are key features sought after by homeowners. However, over time, these aesthetically pleasing elements can become a structural nightmare due to a range of issues that compromise…
Read More →
Estate Agent Talk

Stay Safe With Aluminum Ladders: 5 Facts About Lightning Attraction

Whether redecorating, putting items away in storage, or cleaning windows, there are many reasons why you may need ladders. They’re likely an item you have tucked away in your garage or, if a contractor, a tool you carry to and from work. Although highly beneficial, it’s essential to use this device correctly. Why? Aluminum is…
Read More →
Letting Agent Talk

Some Instances Where Landlords Are Liable for Slip and Fall Accidents

In bustling urban environments, slip-and-fall accidents can disrupt lives, leading to injuries and legal complexities; landlords are responsible for maintaining safe premises. From icy sidewalks to poorly maintained staircases, instances where landlords may be held accountable for slip and fall accidents are diverse and nuanced. Understanding these scenarios is a matter of legal obligation and…
Read More →
Breaking News

Sales agreed up 12% on last year despite annual mortgage costs 61% higher than 2021

UK house prices broadly static but sales volumes are up 12% year on year UK house price inflation unchanged from last month at -0.2% Almost two thirds (64%) of all homes are in local markets with annual price falls, down from 82% last October with a clear north-south divide emerging. Higher mortgage rates continue to…
Read More →
Breaking News

Weekly News Roundup – 26/04/24

A roundup of the week’s top property and proptech news stories in partnership with Proptech-X   Table of Contents Renters Reform Act – but what about Section 21? Agents urged to review AML policies following recent HMRC fines Smart Spaces & HID Signo reader tie up   Renters Reform Act – but what about Section…
Read More →
Estate Agent Talk

Understanding House Value in the UK: A Simple Guide

Everyone talks approximately assets expenses, from the records headlines shouting about the contemporary marketplace traits for your friends debating whether or no longer now is the proper time to shop for or sell. It might possibly appear to be a jumble of numbers and possibilities, but at the heart of it, knowledge house cost isn’t…
Read More →