Pre-Summer boost for mortgage market according to UK Finance
Latest UK Finance Mortgage Trends Update for May 2018 headlines ‘Mortgage Market Sees Pre-Summer As Remortgaging Continues Strong Upward Trend’.
The latest UK Finance Mortgage Trends Update reveals there were 32,200 new first-time buyer mortgages completed in the month, 31,100 new homemover mortgages completed in the month, 36,000 new homeowner remortgages completed in the month, 5,500 new buy-to-let home purchase mortgages completed in the month and 14,600 new buy-to-let remortgages completed in the month.
Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance said:
“The mortgage market is seeing a pre-summer boost, driven by a rise in the number of first-time buyers and strong remortgaging activity. It is also particularly encouraging to see an increase in homemovers, after a period of relative sluggishness in this important segment of the market.
“However, affordability remains a challenge for some prospective buyers and this is reflected by a gradual increase in loan to income multiples.
“Meanwhile purchases in the buy-to-let market continue to be constrained by recent regulatory and tax changes, the full impact of which have yet to be fully felt.”
Read the UK Finance Mortgage Trends Update – May 2018 in full click here.