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First-time buyers bolster the residential mortgage market

The number of first-time buyers entering the residential mortgage market is up almost 5% on 2018.

In figures collected by UK Finance, 25,100 first-time buyers completed homeowner mortgages in January 2019. This is an impressive increase of 4.6% when compared to the previous year.

There were worries that the market would suffer as the UK approaches the deadline for Brexit. However, the figures are very positive, as Gareth Lewis, commercial director at MT Finance, explains.

"[The figures] show that people have come out and continued to buy, so sentiment is pretty good. First-time buyer numbers remain strong and, encouragingly, loan-to-values have been consistent so it is not as if they are over-stretching themselves."

However, it's not all good news, as new homeowner remortgages are on the decline.

Only 47,400 new homeowners applied for a remortgage this January, down 2.7% on the previous year. Furthermore, buy-to-let remortgages have also fallen 4.2% when compared to 2018.

Some good news, however, concerns buy-to-let purchase mortgages. The rate of decline in January 2019 is far less than the previous year, when purchases decreased 5.1% year-on-year.

According to Matt Andrews, managing director of mortgages at Masthaven, "more could still be done for the buy-to-let market to encourage greater purchase activity."

"The slight softening in remortgaging figures for this sector suggests landlords remain committed to the market, greater product innovations, alongside a range of housing tenure that meets consumer needs, would certainly be welcomed so the sector can reach its full potential."

If you're a first-time buyer who wants advice on residential mortgages, get in touch.

Vincent Burch offer comprehensive advice for first-time residential mortgages services. Please click here to find out more information or give us a call on 01603 340644.

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