There is still a lot of uncertainty surrounding Brexit and as a result many people are taking a cautious approach when it comes to their finances and big decision such as buying, moving or remortgaging the house.
It is thought that the fall in the amount of people choosing to remortgage their property or move home, requiring a remortgage, may be down to this uncertainty.
There has certainly been a slow down in the number of houses being bought and sold, the only factor appearing to buck the trend is that of first-time buyers who are obtaining their first mortgage to get onto the housing ladder.
The reduction for January amounted to 1.5% on the same month the year previous, as lending across the residential sector in January this year was down to £21.6 billion.
The amount of mortgages approved by high street lenders throughout January was up by 0.3%, with an increase of 1.5% of these simply being home purchases. Remortgage approvals saw a decline of 3.1%.
At the same time, the amount of credit card borrowing by consumers in the UK rose considerably throughout January 2019, showing a rise of 4.4% when compared to the same month in 2018. There was also an increase in the amount of personal borrowing in the form of overdrafts and loans which rose by 4.7%.
With all the uncertainty it really is a great time to speak to a Mortgage Adviser, talk through your options, where the housing market is likely to be heading and if you can save money each month on your mortgage repayments. Give us a call on 03333 44 85 11 or email email@example.com and we’ll be in touch as soon as we can.