Remortgages up as number of home mover mortgages drops sharply, says CML
The number of remortgages in Q2 of 2016 is up 5.8% on Q1, and up 19.3% on Q2 of 2015 according to the Council for Mortgage Lenders (CML).
The CML also sayS that the number of loans to home movers has dropped sharply, both on Q1 and Q2 of 2015, dropping 18.3% on a year ago, and 36.8% on the first three months of the year.
The number of loans to first time buyers was broadly flay, up 2.9% on Q1 but down 0.9% on twelve months ago.
Overall, CML data says there were 10,800 loans to FTBs in Q2, 6,700 loans to movers and 14,200 remortgages for homeowners.
Paul Smee, Director General of the CML, said: “First-time buyers have continued to drive mortgage lending in London, with 10% more first-time buyer lending in the second quarter than a year ago.The opposite is time for home movers, probably just reflecting a rebalancing after the very strong first quarter as many buyers sought to complete purchases before changes to stamp duty.
“The second quarter data largely pre-dates the EU referendum. While it will take time to see how Brexit may affect the market, the London mortgage market clearly remains active and firmly open for business.”