Remortgages hit nine year high in January 2018 according to UK Finance
UK Finance’s latest mortgage trends update released 14th March 2018 reveals, the number of remortgages in January 2018 reached a nine-year high while the number of first-time buyers and home movers both increased compared to the same period in the previous year.
Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance, said:
“Remortgaging in January reached a nine-year high, as a number of previous fixed rate mortgages came to an end while borrowers locked into attractive deals amid expectations of further interest rate rises.
“While an increase in remortgaging is expected in the New Year as people put their household finances in order, this strong growth is above the seasonal fluctuations we tend to see at this time of year.
“We saw the usual dip in both first-time buyers and home-movers post the December festive period, but mortgage lending in both segments increased compared to the same period in 2017.4
“However, growth in the buy-to-let market remains subdued, reflecting the ongoing impact of recent tax and regulatory changes.”
Read UK Finance’s latest mortgage trends update released 14th March 2018 in full click here.
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