Highest November remortgage lending since 2011

18th January 2016

Homeowner house purchase lending totalled £10.7 billion in November, down 9% compared with October but up 18% compared with November 2014, according to the Council of Mortgage Lenders (CML).

First-time buyers borrowed £4.2 billion for homeowner house purchase, down 9% compared with October but up 14% compared with the previous November. In total 27,900 loans were provided, down 8% month-on-month but up 10% year-on-year.

Home movers took out 32,300 loans, down 10% month-on-month but up 9% compared with November 2014. In total, £6.5 billion was borrowed, down 10% compared with October but up 20% year-on-year.

Homeowner remortgage activity was down 9% in volume and 14% in value compared with October. Compared with November 2014, remortgage lending was up 24% in volume and 36% in value. The CML recorded the highest volume of remortgage loans in the month of November since 2011 and the most borrowed in the month of November since 2008.

Gross buy-to-let saw month-on-month decreases, down 6% by volume and 8% by value; however, substantial year-on-year growth continued.

Paul Smee, director general of the CML, said: As expected, mortgage lending activity eased back as the normal dip in the winter months began. There was still growth across all lending types in November compared to the year earlier suggesting continued improvement.

“Our forecasts anticipate that gross lending will continue a slow but steady upward trajectory over the next two years.”

*2 year fixed with TSB 1.09% then 3.59% - APRC is 3.3% Max LTV is 60%. Quoted on 27th May 2020.