Strongest remortgaging market in a decade according to UK Finance
Latest UK Finance’s Mortgage Trends Update for July 2018 released September headlines ‘Residential Remortgaging market sees strongest July in decades’.
The update reveals that there were 46,900 new homeowner remortgages completed in the month, The £8.7bn of remortgaging in the month was 26.1 per cent more year-on-year.
Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance said:
“The residential remortgaging market saw its strongest July in over a decade, as homeowners pre-empted the latest Bank of England rate rise by locking into attractive fixed-rate deals.
“There was also considerable growth in remortgaging in the buy-to-let sector, showing that while recent tax and regulatory changes are impacting on new purchases, many existing landlords remain in the market.
“The number of first-time buyers has returned to modest year-on-year growth. However, affordability remains a challenge for many prospective borrowers, underlining the importance of clarity over the future of schemes such as Help to Buy.”
Read the Latest UK Finances’s Mortgage Trends Update for July 2018 in full click here.