Key data highlights:

  • There were 9,200 new Scottish homeowner remortgages completed in the third quarter, some 13.6 per cent more than in the same quarter a year earlier. The £1.18bn of remortgaging in the third quarter was 18 per cent more year-on-year.
  • There were 8,900 new first-time buyer mortgages completed in Scotland in the third quarter of 2018, some 5.3 per cent fewer than in the same quarter of 2017. The £1.04bn of new lending was 1 per cent down year-on-year. The average Scottish first-time buyer is 29 and has a gross household income of £35,000.
  • There were 9,500 new homemover mortgages completed in Scotland in the third quarter of 2018, some 1 per cent fewer than in the same quarter of 2017. The £1.53bn of new lending in the quarter was the same year-on-year. The average Scottish homemover is 39 and has a gross household income of £51,000.

Commenting on the data, Douglas Cochrane, chair of UK Finance’s Scotland Mortgage Committee, said:

“Scotland saw strong growth in remortgaging activity this quarter, as many fixed rate loans come to an end and customers continue to shop around for attractive deals.

“The number of first-time buyers has softened slightly compared to the same quarter last year while homemover purchases remain steady.”

Notes to Editor

  1. For more information please call the UK Finance press office on 020 7416 6750 or mail press@ukfinance.org.uk.
  2. UK Finance is the trade association formed on 1 July 2017 to represent the banking and finance industry operating in the UK. It represents more than 250 firms in the UK providing credit, banking, markets and payment-related services. The organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.
  3. The data shown is estimates grossed up from the sample of lenders reporting to reflect total market size, based on total market volumes of Mortgage Product volumes of Mortgage Product Sales Data published by the FCA. Our historical figures are subject to revision as and when the FCA makes revisions to the market totals. The average figures shown are medians, as this tends to better represent the position of the typical borrower. Affordability calculations are based on median averages of calculations for individual transactions. Capital & interest payment calculations only include mortgages taken out on a full capital and interest repayment basis and are calculated based on the reported repayment term, interest rate, loan amount and income for each transaction.
  4. The income for a first time buyer is calculated on the basis of gross household income. (The sum of occupants living in a household – joint or single).
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Remortgaging in Scotland surges following period of strong growth