Remortgaging was particularly strong in September says UK Finance
Latest press release from UK Finance 14th November 2017 headlined ‘Prospect of rate rise boosted remortgaging in September’.
On a seasonally adjusted basis, lending to first-time buyers and movers in September was higher than in August, and there were year-on-year increases by volume and value.
UK Finance data shows home buyers borrowed £38.2 billion in the tird quarter, up 11 per cent on the second quarter of the year and 12 per cent on the third quarter of 2016. This equated to 199,600 loans, up nine per cent on the second quarter and seven per cent on the same period last year.
Commenting on the data, UK Finances head of mortgage policy June Deasy said:
“Although lending slackened in September, it remained higher than a year ago. Remortgaging was particularly strong, with borrowers seeking to lock into historically low interest rates in advance of the widely anticipated rise in Bank base rate at the beginning of November. Over the last year, the number of loans for remortgaging has been higher than in any period since 2009. Low borrowing rates mean that mortgage repayments as a proportion of income remain at or close to their historic low point. While this ratio may edge upward in the coming months, monthly mortgage payments will remain affordable for the vast majority of borrowers.”
Read the UK Finance press release 14th November 2017 in full click here.
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