Competition sparks September remortgaging surge: UK Finance

First-time buyer and remortgage figures remained strong in September as competition between mortgage lenders increased, the latest figures from UK Finance show.

Related topics:  Mortgages
Rozi Jones
19th November 2019
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"As borrowers remortgage to take advantage of the lowest rates the industry has seen in years, most will be looking for advice to help them find the best deal."

There were 17,740 new remortgages with additional borrowing in September, 5.9% more than in the same month in 2018. Additionally, there were 19,140 new pound-for-pound remortgages, an annual rise of 8%.

First-time buyer completions rose 1.6% to 29,100 over the year and homemover mortgages increased by 1.8% to 29,050.

There were 5,500 new buy-to-let home purchase mortgages completed in September, 3.5% fewer than this time last year, while the number of buy-to-let remortgages remained static at 12,900.

Conor Murphy, CEO of mortgage platform Smartr365, commented: “Strong mortgage figures are mainly down to the remortgage market, with competition between lenders aiming to attract as much business as possible underpinning performance.

"For brokers, where there is competition there is also opportunity. As borrowers remortgage to take advantage of the lowest rates the industry has seen in years, most will be looking for advice to help them find the best deal. Brokers need to be available to handle both new business and existing clients, and they can only do so if they’re efficient with their time.

"Technology which removes manual tasks and the burden of admin is essential, and using it or not could make the difference between a healthy pre-Christmas bonus and a gloomy December.”

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