Mortgage lending for home movers and FTBs hits decade high

Recent data has revealed that mortgage lending for home movers and first time buyers hit a ten year high in February.

According to UK Finance, total home owner purchases climbed to 50,000 in February 2018, the highest figure for this month since 2007.

Month-on-month, February saw completed first time buyer mortgages grow by 2.4% to 25,200, with new lending seeing an uplift of 2.6% compared to the correspondent month in 2017.

Whilst completed home mover mortgages remained unchanged from last year at 24,800, new lending for the group was up 1.9%, reaching £5.3 billion.

Also seeing an uplift was home owner remortgage, with February seeing 35,400 completed. Compared to the corresponding month in 2017, this is an uplift of around 11.3%.

 

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