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Homeowners rush to remortgage before Brexit but new buyers hold back amid political turmoil

Homeowners rush to remortgage before Brexit but new buyers hold back amid political turmoil

  • A total of 16,880 remortgages were agreed, up 8.3 per cent from June last year
  • ut loans to first-time buyers slipped 1.5 per cent to 32,760 

Homeowners seized on ultra-low interest rates to remortgage in June, while buyers held back amid political turmoil.

A total of 16,880 remortgages were agreed, up 8.3 per cent from the same time last year, says trade body UK Finance. But loans to first-time buyers slipped 1.5 per cent to 32,760, and home mover mortgages fell 3.6 per cent to 31,000.

Rates are close to record lows – with the average five-year deals charging interest of 2.8 per cent, according to data firm Moneyfacts – and customers are scrambling to lock in these deals.

Waiting: Home loans to first-time buyers slipped 1.5 per cent to 32,760

Andrew Montlake, of mortgage broker Coreco, said: ‘We’ve been flat out, driven by people taking advantage of stupendously low remortgage rates. Paradoxically, the growing likelihood of a No Deal Brexit and the uncertainty that could bring has created a lot more activity.’

The average age of first-time buyers was 32, and the average loan size was £172,158.

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Read more at DailyMail.co.uk


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