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Mortgage market boosted by strong upward trend in remortgaging

UK Finance’s Mortgage Trends Update for May 2018 has revealed that there were 32,200 new first-time buyer mortgages completed in the month, 8.1% more than in the same month a year earlier. The £5.4bn of new lending in the month was 12.5% more year-on-year.

There were also 31,100 new home mover mortgages completed in the month, 4.4% more than in the same month a year earlier. The £6.6bn of new lending in the month was 4.8% more year-on-year. The average home mover is now aged 39 and has a gross household income of £55,000.

There were 5,500 new buy-to-let home purchase mortgages completed in the month, down by 9.8% on a month earlier and at just £700m in value, BTL lending was down by 22.2% year-on-year. There were 14,600 new BTL remortgages completed in the month, 15% more than in the same month a year earlier. By value this was £2.3bn of lending in the month, 21.1% more year-on-year.

Commenting on the data, Jackie Bennett, director of Mortgages at UK Finance said: “The mortgage market is seeing a pre-summer boost, driven by a rise in the number of first-time buyers and strong remortgaging activity. Meanwhile purchases in the buy-to-let market continue to be constrained by recent regulatory and tax changes, the full impact of which has yet to be fully felt.”

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