Number of loans for remortgaging have been at record levels over last year says UK Finance

December 14, 2017

Recent statistical report from UK Finance headlines ‘Remortgaging boost continued in October’

The report reveals that non-seasonally adjusted data released by UK Finance 12th October 2017 shows that the number and value of loans for remortgaging and for house purchases rose in October in comparison with a month ago and with the same period in 2016.

First-time buyers borrowed £5.1 billion, up two per cent on the previous month and 13.3 per cent higher than in October 2016.

Home movers borrowed £7 billion, up 2.9 per cent on September and 18.6 per cent higher year-on-year.

Home-owner remortgage activity totalled £7.3 billion and Buy-to-let remortgaging totalled £2.4 billion.

Commenting on the data, UK Finance’s head of mortgage policy June Deasy said:

“Over the last year, the number of loans for remortgaging have been at record levels; this trend looks set to continue further as we head towards the end of 2017 and borrowers seek to take advantage of low interest rates.

“Mortgage repayments as a proportion of income still remain at or close to their historic low point, and despite the recent base rate rise we can expect monthly mortgage payments to remain affordable for the vast majority of borrowers.”

Read the UK Finance statistical report 12th October 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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