First-time buyer levels up, remortgaging softens: UK Finance

UK Finance, which tracks mortgage trends in Great Britain, found that loan patterns had shifted a bit, with a small but notable uptick in monies going to first-time mortgage buyers and a considerable lessening in monies going to remortgagers. The comparisons are based on the same month of last year and they show a 2% shift towards the newcomers and a near 10% shift away from the second, or more, time-arounders. This was despite a brisk start when March remortgagers hurried in, anticipating an interest shift.

Nearly 30,000 homeover mortgages were signed and finished this month, which is approximately 8% fewer than last year. The buy to let and the first time buyer markets remains weak.