Posted on Oct 7, 2019

The Mortgage Bureau

UK Finance data has revealed that the number of first-time buyer mortgage completions grew by 5.8% to 32,640 in July, compared to the same month in 2018.

In remortgages, the number of completions dipped compared to July 2018. The count of remortgages with new borrowing fell 7.1% to 20,760 and remortgages with no new borrowing dropped 12.9% to 20,380.

“The figures show first-time buyers taking advantage of the sluggish housing market ladder and that home-owners are remortgaging rather than moving,” said Dave Harris, chief executive at More2Life.

The average loan size for a first-time buyer was £174,914, the average income multiple 3.52 and the average age of the borrower 32. First-time buyer loan to values (LTVs) averaged 77.9%, a small rise on 77.4% in July 2018.

For home-movers, average loan sizes were £231,603, average income multiples 3.3 and the average age of borrower 41. The average LTV was 67.3%, a rise on 66.1% in July 2018.

In remortgages, average loan sizes were £178,553, average income multiples 2.74 and the average age 42. The average loan to value (LTV) for a remortgage was 57.5%, down from 58.7% in July 2018.

Now might be a good time to seek advice from a whole of market broker.

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