Flurry of remortgage activity in October according to UK Finance
UK Finance latest update on lending – November 2017 released end of last week for the month October 2017 reveals: Strength in remortgage activity amongst homeowners, alongside stronger first-time buyer numbers, are likely to have been the drivers of mortgage lending in October.
Commenting on the data, UK Finance’s Senior Economist Mohammad Jamei said:
‘The anticipated bank rate rise saw a flurry of remortgage activity as many homeowners took advantage of the competitive rates on offer. Borrowing was also boosted by stronger first-time buyer activity as this segment reaped the benefits from good credit availability, lower rates and government housing schemes.
‘In terms of saving, consumer deposits grew at a slower rate in October, while businesses have continued the trend of bolstering their cash reserves amidst a cautious business landscape due to Brexit uncertainties.’
Read the UK Finance news report update on lending – November 2017 released 24th November 2017 in full click here.