Unfortunately, in spite of an increase in product numbers and increasingly competitive rates in the residential mortgage market, buy-to-let deals don’t appear to be getting cheaper. According to Moneyfacts, the average two-year fixed-rate buy-to-let mortgage rate has increased by 0.20% to 3.12% since September 2018.
Many lenders allow you to lock in a new deal six months ahead of time, but it can take a number of weeks to go through the remortgaging process, so the earlier you get started, the better. Before comparing the market, consider speaking to your current lender and informing them you’re looking to switch at the end of your deal period.
Rising house prices don’t seem to have deterred first-time buyers, as UK Finance’s latest figures reveal that 2017 saw the highest number of first-time buyers since 2006, with 365,000 people taking that first step onto the property ladder. This marks an impressive annual increase of 7.4%.
According to data from UK Finance, there were approximately 15,300 new homeowner remortgages that were completed in the first quarter of this year in London, an increase of 4.1 percent as compared to the same period in 2017. The 4.67bn of the remortgaging during the first quarter was higher by 7.6 percent year-on-year.
The average gross income of a first time buyer household increased slightly to 38,500 in March from 38,085 in February. First time buyers paid 18.8% of their gross income towards capital and interest payments in March, down from 19.1% in February, and much less than the peak seen in December 2007 of 24.8%.
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"The number of first-time buyers in the capital reached its highest level in three years, boosted by schemes such as Help to Buy. The recent extension of the scheme until 2023 will help even more people get a foot on the housing ladder in the years ahead.
Three areas saw rents increase in the last year, with the Highlands & Islands, Edinburgh & Lothians and Glasgow & Clyde. Prices in the Highlands & Islands region grew by 10% in the last year to reach an average of £644 The next fastest growth was seen in the Edinburgh & Lothians area, where the average price is now £666 following 2.5% growth.
Around 49,800 people switched mortgage deals, 19% more than in January 2017 and the highest monthly figure since November 2008, according to UK Finance. Activity among first-time buyers also remained buoyant, rising by 7% year-on-year, while there was a 6% increase in lending to home-movers. But the buy-to-let sector remained.
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