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FTBs out in force during a busy November

The latest data released by UK Finance has shown that during November last year there was a 5.8% year-on-year rise of new first-time buyer mortgages - resulting in over 32,000 borrowers getting their first foot on to the property ladder.

According to the figures, the £6.0bn of new lending in the month was 9.1% more year-on-year. The average first-time buyer is 30 and has a gross household income of £42,000.

There were 36,200 new homemover mortgages completed in the month, some 1.1% more than in the same month a year earlier. The £7.8bn of new lending in the month was 4% more year-on-year. The average homemover is 39 and has a gross household income of £55,000.

UK Finance revealed that during the month there were 39,600 new homeowner remortgages completed - a 1.3% rise against the same month a year earlier. The £6.8bn of remortgaging in the month was the same year-on-year.

6,100 new buy-to-let home purchase mortgages were also completed during November, some 9% fewer than in the same month a year earlier. By value this was £0.8bn of lending in the month, 11.1% down year-on-year.

There were 15,000 new buy-to-let remortgages completed in the month, some 9.5% more than in the same month a year earlier. By value this was £2.4bn of lending in the month, 9.1% more year-on-year.

Jackie Bennett, Director of Mortgages at UK Finance, commented on the figures: “A mixture of competitive deals and schemes including Help to Buy saw even more first-time buyers get a foot on the housing ladder during November.

Meanwhile, homeowner remortgaging activity has steadied, after reaching its highest level in a decade the previous month as a large number of fixed-rate deals came to an end.

In the buy-to-let market new home purchases remain subdued, while remortgaging continues to grow as landlords lock into attractive rates.”

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