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Remortgaging boost continued in October

Over the past year, the number of loans for remortgaging have been at record levels and this trend looks set to continue, according to a report by the Council of Mortgage Lenders.

“Mortgage repayments as a proportion of income still remain at or close to their historic low point, and despite the recent base rate rise we can expect monthly mortgage payments to remain affordable for the vast majority of borrowers,”

it commented.

First-time buyers borrowed £5.1 billion, up two per cent on the previous month and 13.3 per cent higher than in October 2016. There were 31,700 loans awarded, up 3.6 per cent on October and up 10.5 per cent on a year ago.

Meanwhile home movers borrowed £7 billion, up 2.9 per cent on September and 18.6 per cent higher year-on-year. There were 33,300 home movers, an increase of five per cent on September and a substantial 15.6 per cent on October 2016.

Remortgaging & buy to let remortgage activity totalled £7.3 billion, up 15.9 per cent on September and 17.7 per cent higher than a year ago. That corresponded to 41,100 remortgages, an increase of 16.1 per cent on September and a 12-month change of 16.4 per cent.

Buy to let remortgaging totalled £2.4 billion, up 20 per cent on September 2017 and October 2016. Remortgaging now accounts for just over 70 per cent of all buy to let lending. There were 14,700 buy to let remortgages, up 20.5 per cent on last month – and a 21.5 per cent annual increase. Gross buy to let lending for house purchasers totalled £900 million, unchanged on September 2017 and October 2016. That equated to 6,600 mortgages.

First-time buyers borrowed £5.1 billion, up two per cent on the previous month and 13.3 per cent higher than in October 2016. There were 31,700 loans awarded, up 3.6 per cent on October and up 10.5 per cent on a year ago.

Home movers borrowed £7 billion, up 2.9 per cent on September and 18.6 per cent higher year-on-year. There were 33,300 home movers, and increase of five per cent on September and a substantial 15.6 per cent on October 2016.

Remortgaging & buy to let home-owner remortgage activity totalled £7.3 billion, up 15.9 per cent on September and 17.7 per cent higher than a year ago. That corresponded to 41,100 remortgages, an increase of 16.1 per cent on September and a 12-month change of 16.4 per cent.

Buy to let remortgaging totalled £2.4 billion, up 20 per cent on September 2017 and October 2016.

Remortgaging now accounts for just over 70 per cent of all buy-to-let lending.

 

Author

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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