The latest figures released by UK Finance – the organisation that represents nearly 300 of the UK’s leading finance, banking, markets and payments-related services firms – has shown that once again the UK mortgage market has enjoyed a pre-summer boost. There has also been a continued rise in the number of people remortgaging as well as lending levels to first-time buyers.
For the month of May 2018 around 36,000 were completed – giving an increase of over 7% from the same period in 2017.
In total there were 36,000 remortgages, accounting for over £6bn of lending completed in May, an increase of 7.1 per cent on the same month a year ago.
Whilst the remortgage market sees more continued growth over the last few months, the first time buyer market proved even more buoyant, with 32,000 (and over £5bn worth) of the aforementioned figure of mortgages completed falling into this category.
However, the figures do show that there has been no increase in the amount of stimulation in the buy-to-let market with only 5,500 mortgages falling into this category – giving overall a near 10% decrease from the same period in 2017. Though remortgaging for customers with existing buy-to-let products continues to rise.
Most market analysts are pointing towards the sluggishness in the buy-to-let market being due to recent changes in tax regulations with many thinking that the full impact of these is yet to be felt.
It is also thought that due to the continued reivigoration of the market and the better than expected growth in economic figures that the Bank of England’s decision to raise interest rates may come sooner rather than later.
To ensure a lower rate on any remortgage you may be considering we would therefore suggest it is imperative to act now. One 77 are specialists in the remortgage market, and as well as having access to the entire UK mortgage market are completely fee free. Contact us today to start the dialogue with your own dedicated adviser. Call us on 01249 474954 or complete the contact form below and we will be in touch.