Good news for homeowners who are looking to refinance their mortgages and first time buyers, UK Finance has said the mortgage market has been in recovery and has been improving, due to the overall economy and the competitive housing market. While it is improving, UK Finance does not anticipate the market will change drastically over the next two years, but lower interest rates bring optimism. The trend over the last 12 months has helped out first-time buyers with better interest and has spawned movement in the industry, with remortgaging by home owners growing as well.
Key Takeaways:
- The market is expected to rebound over the year and grow through 2019
- This level, though higher than last year, will only be around the 2012 levels
- The industry points to a stronger job and finance market leading to this purchasing spike.
“The number of home owners remortgaging with a new lender has grown strongly in 2017, and our expectation is for this to continue over the medium term.”