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According to UK Finance’s Mortgage Trends in Scotland Update Quarter 2, remortgaging in Scotland has continued to show growth.
The report details that there were 8,100 new remortgages completed in the second quarter by Scottish homeowners; an increase of 9.5% over the same period the previous year. The £1.01bn of remortgaging during the second quarter was an 11% increase over the year before.
Homemover mortgages completed in Scotland during the second quarter of 2018 showed a 2.1% decrease on the previous year with 9,200 completed homemover mortgages, with the £1.46bn of new lending equalling that of the year before.
The second quarter of 2018 also witnessed 3.1% fewer first-time buyer mortgages completed in Scotland during the second quarter of 2018 than in the equivalent quarter of 2017, although the £1.1bn of new lending was an increase of 2.8% over the previous year.
Douglas Cochrane, chair of UK Finance’s Scotland Mortgage Committee, commented that customers locking into appealing deals in preparation of the recent base rate rise contributed towards the strong remortgaging activity that is driving the Scottish mortgage market. The continued affordability pressures facing a large number of prospective buyers was reflected in the number of first-time buyers being down compared to the same period last year, despite an uplift on the previous quarter.
For expert legal advice concerning equity release, remortgage, or for any other financial matter, contact our expert team today.
