Small increase in lending to first-time buyers in March according to UK Finance
Latest UK Finance Mortgage Trends Update for March 2018 headlined ‘Remortgaging Market Softens In March After Busy Start To The Year.’
UK Finance’s Mortgage Trends Update for March 2018 has revealed a small increase in lending to first-time buyers compared to a year earlier, while remortgaging levels softened slightly after a busy start to the year.
The £5.6bn of remortgaging in the month was 9.7 per cent down year-on-year. There were 32,400 new homeowner remortgages completed in the month, some 12 per cent fewer than in the same month a year earlier, according to UK Finance.
Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance, said:
““Remortgaging levels softened in March, after a busier than usual start to the year saw customers locking into attractive deals ahead of a potential interest rate rise.
“There has been relatively flat growth in lending to first-time buyers, reflecting recent Bank of England figures showing a fall in mortgage approvals.
“Meanwhile the buy-to-let market remains subdued, as recent tax and regulatory changes continue to have an impact on demand.”
Read the UK Finance Mortgage Trends Update March for March 2018 in full click here.