In their latest analysis of the mortgage market, UK Finance, the trade body representing major high street lenders in the UK, have said that remortgaging has reached its highest level in almost a decade, as homeowners take advantage of a competitive market and lock into attractive deals. This also reflects the large number of fixed rate mortgages coming to an end, which is expected to continue into 2019.
There has also been relatively strong growth in the number of first-time buyers, with schemes such as Help to Buy providing vital support to those getting a foot on the housing ladder. Meanwhile the buy-to-let market has seen a continued increase in remortgaging and a softening in home purchase activity, in line with ongoing trends in recent months.
There were 50,500 new homeowner remortgages completed in the month, some 23.2 per cent more than in the same month a year earlier. That’s £9.2bn of remortgaging in the month which was 22.7 per cent more year-on-year. And in Buy to Let, There were 15,700 new remortgages completed in the month, some 5.4 per cent more than in the same month a year earlier. By value this was £2.5bn of lending in the month, 4.2 per cent more year-on-year.