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UKF Mortgage Trends Update 12 September 2018 ?UK Finance's Mortgage Trends Update for July 2018 reveals:
Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance said:
The residential remortgaging market saw its strongest July in over a decade, as homeowners pre-empted the latest Bank of England rate rise by locking into attractive fixed-rate deals.
There was also considerable growth in remortgaging in the buy-to-let sector, showing that while recent tax and regulatory changes are impacting on new purchases, many existing landlords remain in the market.
The number of first-time buyers has returned to modest year-on-year growth. However, affordability remains a challenge for many prospective borrowers, underlining the importance of clarity over the future of schemes such as Help to Buy.
<ol><li>UK Finance is a trade association formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents around 250 firms in the UK providing credit, banking, markets and payment-related services. The new 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.</li> <li>The data shown is 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, so 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 they tend to better represent the position of the typical borrower. Affordability measures 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.</li> <li>Income metrics are presented on a gross household basis, as the sum of all income sources for all borrowers included in the affordability assessment.</li> </ol>
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