- 370,000 new first-time buyer mortgages in 2018
- Remortgages increase by 10.8%
- Buy-to-Let Mortgages fall 11.5%
2018 saw the highest number of first time buyer mortgages since 2006, according to the latest data from UK Finance.
370,000 new first-time buyer mortgages were completed in 2018 with £62 billion in new lending, an increase of 4.9% from 2017.
Remortgaging increased by 10.8% in 2018, with 476,900 new remortgages completed with £85 billion in loans for remortgages in 2018, an increase of 13% from 2017.
66,400 new buy-to-let home purchases were completed, an 11.5% drop from 2017 with £9 billion in loans for buy-to-let mortgages, a 15% decrease from 2017.
Remortgages for buy-to-let purchases increased by 119,100, an 11.2% increase from 2017. In 2018, £27 billion was lent for buy-to-let mortgages, an 11.6% increase from 2017.
Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance said: “The mortgage industry helped 370,000 people buy their first home in 2018, the highest number in twelve years, as competitive deals and government schemes such as Help to Buy continue to boost the market.
“Demand for new buy-to-let purchases continues to be dampened by recent tax and regulatory changes.”