First Time Buyer Mortgages and Remortgages up in May

Figures released by UK Finance show there were 30,720 new first-time buyer mortgages completed in May 2019, 0.5 per cent more than in the same month in 2018. 

The average age of the borrower was 32 and the average loan size £166,977 representing a loan to value of 77.8%.

Remortgage numbers were also up in May with 21,370 remortgages that had additional borrowing representing a 19.8 per cent increase on the same month in 2018. The average additional amount borrowed on these cases was £52,000.

Additionally, 19,650 remortgages completed with no additional borrowing an increase of 19.7 per cent over May 2018.