First Time Buyers At Highest Level Since June 2017 - October 22, 2018

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A recent report from trade association UK Finance has shown that for the month of August this year there were approximately 35,500 completed mortgages for first time buyers. This marks a 2% rise in first time buyer mortgages from the same period last year. New lending for the month of August totalled £6.1bn, showing a 5.2% increase year-on-year.

Other statistic for the month of August show that there were 38,000 new homemover mortgages completed, with the £8.5bn of new lending in the month the same from the previous year with the average homemovers demographic being 39 years of age, with a gross household income of £57,000 on average.

Remortgages accounted for 37,100 completions with the £6.5bn of remortgage lending again staying the same as the same period the previous year.

There were 6,000 new buy-to-let home purchase mortgages completed in August, which is around 13% per cent less than in the same month a year earlier, accounting for £0.8bn of lending. However, remortgages on buy-to-let properties were up by 4.5% to 13,800 and accounted for £2.2bn of lending, showing that the need to lock in a good rate on a remortgageable property is recognised as becoming more important than ever.

Are you a first time buyer looking to take your first steps on the property ladder? Or are you a landlord looking to secure a rate on your buy-to-let remortgage? Whatever your mortgage, remortgage or specialist finance requirements please do not hesitate to contact us to speak to your own dedicated mortgage adviser. One 77 are a fee free brokerage and our advice and services are provided to you completely free of charge.

Call us today on 01249 474952 or compete the contact form below and we will be in touch at the time of your choosing.

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