You are here: Home - Remortgage - News -

Number of London remortgagors hits eight-year high

0
Written by:
21/02/2018
First-time buyer mortgage lending was flat in the capital at the end of last year, but the number of switchers rose sharply
Number of London remortgagors hits eight-year high

There were 14,500 new homeowner remortgages in London completed in the fourth quarter of 2017 according to UK Finance, 9.8% more than in the same quarter a year earlier and the highest level in eight years.

These deals totalled £4.41bn of remortgaging in the fourth quarter – a significant 16.4% more than the year before.

First-time buyer lending didn’t see the same boost, with 10,700 new first-time buyer mortgages completed in London in the fourth quarter of 2017, about the same as the same period in 2016.

The average first-time buyer in the capital is 32 and has an income of £66,000.

Moving on up

The average home mover in the capital is 37 and has an income of £89,000 – and they are increasing in number.

There were 7,700 new home mover mortgages completed in the capital in the last quarter of 2017, 8.5% up on 2016. The £3.07bn of new lending in the quarter was 12.5% more year-on-year.

Director of mortgages at UK Finance, Jackie Bennett, said: “London’s mortgage market remains competitive, with strong growth in the number of home movers and remortgaging reaching an eight-year high.

“However, subdued growth in the number of first-time buyers shows that affordability remains a challenge in the capital.

“Help to Buy can support first-time buyers when purchasing new build homes, and it will be important for the government to clarify its plans for the future of this scheme well before it ends in 2021.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Save money now!

See how much you could potentially save by remortgaging to a different product

Your Mortgage Guides

Your Mortgage Award Winners 2017-2018

Download our guide to the best mortgage lenders in the UK

Read More >

How much can you borrow?

A calculator designed to help you understand how much you can borrow towards your property
Read previous post:
Five changes that could help first-time buyers onto the ladder

Longer fixed-rate mortgages, more affordable housing and less stringent mortgage criteria are just some of the ways to fix the...

Close