Wales remortgage activity at five-year quarterly high

5th June 2017

Remortgage activity in Wales totalled £510 million during the first quarter, up 9% compared with the fourth quarter and 21% compared with the same quarter of 2016. The total number of remortgage loans advanced was 4,500 loans, up 10% quarter-on-quarter and 18% year-on-year.

Home buyers borrowed £840 million for house purchase, down 19% quarter-on-quarter and 1% year-on-year. Home buyers took out 6,500 loans, down 19% compared with the previous quarter and 2% compared with the first quarter of 2015.

First-time buyers borrowed £380 million, down 19% compared with the fourth quarter but up 15% compared with the first quarter of 2016. A total of 3,400 loans were advanced, down 17% quarter-on-quarter but up 13% year-on-year.

Home movers borrowed £450 million, down 22% quarter-on-quarter and 15% year-on-year. A total of 3,100 loans were advanced, down 21% quarter-on-quarter and 16% year-on-year.

Julie Ann Haines, CML Cymru chair, said: “The traditional seasonal dip in the winter months and last year’s surge of home mover activity ahead of stamp duty changes distorts the lending picture slightly.

“Still, first-time buyers continue to be a key driver in Wales with the largest activity in the first quarter of the year since 2007, and remortgage activity is at a five-year quarterly height.

“The mix of government scheme support and low mortgage rates appear to be fuelling this growth and we’d expect this momentum to continue into the summer months.”


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