Flurry of remortgage activity in October according to UK Finance

November 27, 2017

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.

 

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.

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