Remortgaging by home owners totalled £6.7bn in July, 12% more than in both the preceding month and in July last year, according to latest figures published by UK Finance.
The number of people remortgaging totalled 36,800, up 7% on June and 10% higher than a year ago.
Buy-to-let lending totalled £3.2bn, 7% higher than in June and 7% higher than in July last year. This equated to 20,500 mortgages, 5% more than in June and 9% more than in July last year.
First-time buyers borrowed £5bn, 15% lower than in June but 14% higher than in July 2016. They took out 30,400 mortgages, down 16% on the preceding month but up 8% year-on-year.
Home movers borrowed £7.1bn, 9% less than in June but 15% more than in July last year. This equated to 32,800 loans, down 10% on June but up 10% on July 2016.
Commenting on the data, UK Finance’s head of mortgages policy June Deasy said: “Remortgaging strengthened in July and reached its highest level since January, with customers attracted by borrowing rates that are at or close to their historic low point. The increase in activity in July means that, over the last year, the number of people remortgaging has been at its highest since 2009.
“Lending for house purchase was lower in July than in the preceding month, and we expect the market to continue to soften a little in the coming months.”
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