- Santander cancels new CEO appointment due to 'unacceptable costs’
- New taskforce created to counter corruption and fraud
- HSBC settles $250bn of FX transactions using DLT
- GHOS endorses market risk capital framework and Basel Committee work programme
- UK Finance responds to meaningful vote on Brexit deal
- Société Générale publishes update on Q4 18 Group performance
- Brexit deal means nothing unless it considers threats to financial services, says ArchOver expired
- Study finds a third of adult children have never discussed finances with their parents expired
- Bank of America reports record earnings for 2018 expired
- Citigroup reports healthy profit for 2018, after net loss in 2017 expired
- Goldman Sachs posts double-digit revenue growth for 2018 expired
- Wells Fargo made significant progress on goals in 2018, says CEO expired
14th September 2018
Residential remortgaging market sees strongest July in a decade
UK Finance’s Mortgage Trends Update for July 2018 reveals:
• There were 46,900 new homeowner remortgages completed in the month, some 23.1 per cent more than in the same month a year earlier. The £8.7bn of remortgaging in the month was 26.1 per cent more year-on-year.
• There were 32,600 new home-mover mortgages completed in the month, some 3.8 per cent fewer than in the same month a year earlier. The £7.3bn of new lending in the month was the same year-on-year. The average home-mover is 39 and has a gross household income of £57k.
• There were 31,400 new first-time buyer mortgages completed in the month, some 1 per cent more than in the same month a year earlier. The £5.4bn of new lending in the month was 5.9 per cent more year-on-year. The average first-time buyer is 30 and has a gross household income of £42k.
• There were 5,500 new buy-to-let home purchase mortgages completed in the month, some 14.1 per cent fewer than in the same month a year earlier. By value this was £0.8bn of lending in the month, 11.1 per cent down year-on-year.
• There were 14,700 new buy-to-let remortgages completed in the month, some 7.3 per cent more than in the same month a year earlier. By value this was £2.4bn of lending in the month, 9.1 per cent more year-on-year.
Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance said: “The residential remortgaging market saw its strongest July in over a decade, as homeowners pre-empted the latest Bank of England rate rise by locking into attractive fixed-rate deals.
“There was also considerable growth in remortgaging in the buy-to-let sector, showing that while recent tax and regulatory changes are impacting on new purchases, many existing landlords remain in the market.
“The number of first-time buyers has returned to modest year-on-year growth. However, affordability remains a challenge for many prospective borrowers, underlining the importance of clarity over the future of schemes such as Help to Buy.”