UK Finance figures show homeowner remortgages increased 36% and buy-to-let remortgages rose by 32.4% year-on-year.
There were 26,700 first-time buyer mortgages completed in the month, some 3.5% more than in the same month a year earlier. The £4.4bn of new lending in the month was 4.8% more year-on-year. The average first-time buyer is 30 and has a gross household income of £42,000.
April data indicates there were 25,100 new home mover mortgages completed, some 4.2% fewer than a year earlier. The £5.4bn of new lending in the month was 3.6% down year-on-year. The average home mover is 39 and has a gross household income of £55,000.
In total, 40,800 homeowner remortgages completed in the month, some 36% more than in the same month a year earlier. The £7.5bn of remortgaging in the month was 44.2% more year-on-year.
Buy-to-let remortgaging driving market
The research also shows 5,000 new buy-to-let purchase mortgage completions, some 5.7% fewer than in the same month a year earlier. By value this was £0.7bn of lending in the month, 12.5% down year-on-year.
On the investor side, 14,300 buy-to-let remortgages completed in the month, some 32.4% higher than in the same month a year earlier. By value this was £2.3bn of lending in the month, 35.3% more year-on-year.
Jackie Bennett, director of Mortgages at UK Finance, said: “Remortgaging activity bounced back to strong levels in April, as both homeowners and landlords put their house in order by locking into attractive fixed-rate deals ahead of an anticipated interest rate rise.”
“This spike in remortgaging was also driven by a large number of fixed-term mortgage deal rates coming to an end, combined with increased efforts by lenders to contact their customers before their deal rate expires.
“The number of first-time buyers has grown year on year, outstripping the number of homemovers. This may reflect the impact of measures such as the recent stamp duty cut and the Help to Buy scheme that are focused on getting more people onto the housing ladder.”