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.
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