UK home buyers borrow £127.7bn in 2016, says CML
According to the latest data from the Council of Mortgage (CML), home buyers borrowed £127.7bn in 2016 with 698,900 loans in the UK. Mortgage lending increased by 7 percent in 2016 compared to the previous year.
First-time buyers borrowed £53.2bn for home-owner house purchase in 2016, up 13% on 2015. This totalled 338,900 loans, up 8% from the previous year. First-time buyer borrowed more in 2016 than any other year since our records began in 1974.
Home movers took out 360,300 loans, down 2% on 2015, but the amount borrowed totalled £74.3bn which was up 3% on 2015. Home-owner remortgage activity was up 14% by volume and 20% by value compared to 2015. The number of remortgage loans was at its highest since 2009.
Gross buy-to-let also saw year-on-year increases, up 3% by volume and 7% by value, with remortgage business accounting for nearly two thirds of the total.