MORTGAGE COMPLETIONS FOR FIRST TIME BUYERS UP

February 19, 2019 by in category Uncategorized with 0 and 0


With a year-on-year increase of 1.9% in 2018, data from UK Finance showed that first-time buyer mortgage completions hit their highest level since 2006, There were 30,900 new first-time buyer mortgages completed in December 2018, some 1.6% more than in the same month a year earlier. The £5.2bn of new lending in the month was four per cent more year-on-year.
There were 370,000 new first-time buyer mortgages completed in 2018, compared to 402,800 in 2006, with new lending up by 4.9 per cent compared to 2017, standing at £62bn. It is worth noting that, analysis by the Office for National Statistics (ONS) showed the average age of first-time buyers had risen eight years over the last two decades.With tighter lending controls also having an impact. This it said was driven by soaring house prices, The data also showed the continued pattern of increasing remortages and fewer homemovers. In 2018, there were 367,800 new homemover mortgages completed, some 1.9 per cent less than in 2017. The £80bn of new lending in the year was the same as in 2017.December saw 30,000 new homemover mortgages completed, around 1.3 per cent fewer than in the same month a year earlier with the £6.5bn of new lending in the month the same year-on-year.In contrast, 476,900 new homeowner remortgages were completed in 2018, up 10.8 per cent over 2017, while the £85bn of new lending in the year was 13 per cent more than in 2017.There were 34,000 new homeowner remortgages completed in December, 9.3 per cent more than in the same month a year earlier. The £6.1bn of remortgaging in the month was 13 per cent more year-on-year.There were 5,100 new buy-to-let home purchase mortgages completed in December, also 5.6 per cent fewer than in the same month a year earlier worth £0.7bn – down 12.5% on a year-on-year.gain remortgaging soared in the buy-to-let sector in 2018, with 169,100 new buy-to-let remortgages completed, some 11.2% more than in 2017. The £27bn of new lending in the year was also 11.6% more than in 2017.There were 12,400 new buy-to-let remortgages completed in December 2018, some 25.3% more than in the same month a year earlier.y value this was £2bn of lending in the month, 25 per cent more year-on-year.

London Mortgage Advice Ltd is authorized and regulated by the Financial Conduct Authority for residential mortgages and non investment insurance business.

Although London Mortgage Advice Ltd is regulated by FCA, commercial mortgages and most buy-to-let and offshore mortgages are not regulated by the FCA.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

London Mortgage Advice ©2015