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Homeowners rush to remortgage before Brexit but new buyers hold back amid political turmoil

Homeowners rush to remortgage before Brexit but new buyers hold back amid political turmoil

Homeowners seized on ultra-low interest rates to remortgage in June, while buyers held back amid political turmoil.

A total of 16,880 remortgages were agreed, up 8.3 per cent from the same time last year, says trade body UK Finance. But loans to first-time buyers slipped 1.5 per cent to 32,760, and home mover mortgages fell 3.6 per cent to 31,000.

Rates are close to record lows – with the average five-year deals charging interest of 2.8 per cent, according to data firm Moneyfacts – and customers are scrambling to lock in these deals.

Waiting: Home loans to first-time buyers slipped 1.5 per cent to 32,760

Waiting: Home loans to first-time buyers slipped 1.5 per cent to 32,760

Waiting: Home loans to first-time buyers slipped 1.5 per cent to 32,760

Andrew Montlake, of mortgage broker Coreco, said: ‘We’ve been flat out, driven by people taking advantage of stupendously low remortgage rates. Paradoxically, the growing likelihood of a No Deal Brexit and the uncertainty that could bring has created a lot more activity.’

The average age of first-time buyers was 32, and the average loan size was £172,158.

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