Eight Year High of the Number of London Remortgagors
There were 14,500 new homeowner remortgages in London completed in the fourth quarter of 2017 according to UK Finance, 9.8% more than in the same quarter a year earlier and the highest level in eight years. These deals totalled £4.41bn of remortgaging in the fourth quarter – a significant 16.4% more than the year before.
First-time buyer lending didn’t see the same boost, with 10,700 new first-time buyer mortgages completed in London in the fourth quarter of 2017, a similar number recorded in the same period in 2016.
The average first-time buyer in the capital is 32 and has an income of £66,000.