Cheapest mortgage Rates UK
Re-mortgage lending lifted to its strongest levels in seven years in July as home owners snapped up the cheap deals available, banks and building societies have reported.
But elsewhere there were signs of the market cooling, and the Council of Mortgage Lenders, which released the figures, said it is too early to tell how much of this is down to the vote to leave the EU.
Mortgage lending to first-time buyers plunged by nearly a fifth month-on-month in July. First-time buyers borrowed a total of £4.4 billion-worth of mortgages in July, marking a 19% drop off compared with June and 4% down on July 2015.
The figures also showed lending to home movers, at £6.2 billion, was down by 9% compared with June and a fall of 16% compared with July 2015.
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Home owner re-mortgage activity in July bucked the cooling trend. Some £6 billion-worth of loans were taken out in July for re-mortgage purposes, up 7% on June and a 20% increase compared with a year ago.
Many mortgage lenders have been offering their cheapest ever rates in the low interest rate environment.
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How to get the best refinance rate on my mortgage without having hard inquiries on my credit report - Quora
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