There were 32,260 new first-time buyer (FTB) mortgages completed in October 2019, 2.8% more than in the same month a year earlier, new UK Finance figures have revealed.

The data showed there were also 33,370 home mover mortgages completed in October – a 4.2% rise from the same month in 2018.

Commenting on the latest data, more2life CEO, Dave Harris, said: “FTB numbers continue to look promising but those already on the property ladder are more cautious – arguably looking to improve rather than move until they are more confident about the economic outlook.

“For older homeowners in particular, this option may be especially appealing if they need to adapt their home to make it more accessible or to meet their changing retirement needs.

“However, it’s important to note that other sources of funding exist, such as equity release, which can help homeowners make their renovations a reality.”

UK Finance also revealed there were 18,910 new remortgages with additional borrowing during October, a figure 20.8% fewer than in the same month in 2018. For these remortgages, the average additional amount borrowed was £51,000.

There were also 20,660 new pound-for-pound remortgages – those with no additional borrowing – in October, 20% fewer than the same month a year earlier. UK Finance suggested this fall in activity had followed a strong period of growth in September, and that it was still in line with its refinancing schedule model.

Furthermore, the UK Finance figures revealed that October saw 6,600 new BTL home purchase mortgages completed, 1.5% fewer than this time last year. There were 16,200 remortgages in the BTL sector, and this reflected a 2.4% drop from the same month in 2018.

Bluestone Mortgages managing director, Steve Seal, suggested the latest statistics hadn’t shown any ‘major leaps in terms of mortgage completion rates,’ but that attractive remortgage and FTB deals were ‘continuing to appeal to borrowers.’

“Last week’s election outcome will have put many borrowers on high alert, leaving them worried as to how the new political landscape could impact their finances in future,” Seal said. “This worry may be exacerbated for consumers who have struggled to access credit.

“What many customers don’t realise is that specialist lending is a viable alternative to the mainstream route, providing those that are underserved with a mortgage that best suits their circumstances. In 2020, the specialist market will be invaluable in reassuring uncertain borrowers that affordable and sensible lending is within reach.”

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