Remortgaging levels reach decade high

More homeowners than ever are remortgaging according to the latest figures from the finance industry.

In October, 50,500 new homeowner remortgages were completed, up by 23.2 percent on the same month a year ago and the highest number of remortgages in a decade.

Homeowners borrowed £9.2 billion from lenders, up 22.7 on the year, said UK Finance, the trade body for the financial industry.

1st-time buyers borrow £5.5bn

More than 32,900 first-time buyer mortgages were completed in October, up 8.2 percent on 12 months earlier. Those newcomers to home ownership borrowed a total of £5.5 billion, a rise of 12.2 percent on the year.

According to UK Finance, the average first-time buyer is 30 and has a gross household income of £42,000.

Competitive market

Jackie Bennett, director of mortgages at UK Finance, said: “Remortgaging has reached its highest level in almost a decade, as homeowners take advantage of a competitive market and lock into attractive deals.

“This also reflects the large number of fixed rate mortgages coming to an end, which is expected to continue into 2019.”

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