First Time home Buyer Mortgage LendersFor the first time at home buyer mortgage lender
First time buyer spending grew 13.5% month-on-month and 8.9% year-on-year, while the value of FTB lending increased 16% in July and 12% year-on-year to £5.7 billion. Household borrowing by do-it-yourselfers increased 17 per cent and 12.9 per cent year-on-year to 38,500, while the figure in July increased 18.3 per cent and 20 per cent year-on-year to 8.4 billion pounds.
That number of recortgaging individuals who were down 1 percent compared to July, but 5 percent more than a year ago, while the value of loans was £6.4bn - 4 percent less than in July, but 8 percent more than in August 2016. According to a surge of fiscal and regulatorial changes, the value of buy-to-lease loans amounted to 3.1 billion - a decrease of 3 per cent compared to July 2017 and the same value as last August.
Buy-to-Lease lending was unchanged on a month-to-month base but increased by 4 per cent to 20,400 from August 2016. Even though the buy-to-lease home buying credits increased by 11 per cent in August, they stayed at a lower base than before the higher mark set was introduced in early 2016.
May Deasy, UK Finance's mortgage chief, said: "In August activities resumed and the recent resistance provided that home improvement loans were at their highest level since March 2016, when operations were favoured by an impending rise in stamps. Whilst numbers still suggest that the residential property sector will remain robust, the effects of a recent surge in interest rates from mortgage lenders have not yet reached the mortgagemakers.
Recent Royal Institution of Chartered Surveyors (Rics) figures showed a drop in both selling and new buyer requests as a change in interest rates expectation prompted prospective purchasers to act more cautiously. "It also shows that first-time purchasers are taking full benefit of landlord restraint as a result of recent changes in taxes and laws.