Growth in remortgages seen across the UK
Recent data suggests the remortgage market has seen significant growth during Q1 of 2018 across many parts of the UK.
According to UK Finance, the remortgage activity seen in London reached the highest level in a decade, up 4.1% on the number of loans recorded in this sector compared to quarter 1 of 2017. Year-on-year, the data also showed that the amount of remortgaging was up by 7.6% to £4.67 billion.
The same could not be said for first-time buyer and home mover mortgages in the capital however with the figures falling by 3% and 4.3% respectively.
Remortgages saw a significant uplift in Wales, with the number completed rising by 10.9% in the first three months of 2018. Over the same period, the figure reached £0.6 billion – up £13.2% compared to quarter 1 of 2017.
Wales also saw an uplift in the number of mortgages for both first-time buyers and home movers, with respective increases of 5.9% and 3.1%.