Mortgage Holders Borrow over £180 billion.
01 Oct 2019
Over £180 billion borrowed in 2018, by mortgage holders with a 2.8% rise expected in 2019
Existing homeowners borrowed over £180 billion in 2018 secured on their homes, representing almost 900,000 mortgages/loans. The amount borrowed rose by 5.6% in 2018, mainly reflecting a sharp rise in remortgaging and lifetime mortgage activity, with the number of mortgage advances growing by 5.2%. In 2019, IRN Research anticipates the amounts borrowed will rise by only 2.8%, with the number of advances rising by just 1.1%
IRN Research forecasts that by 2023 over 1 million homeowner mortgages will be taken out. Between 2018 and 2023, the number of mortgages taken out will rise by 17.8%, while the value of new advances will rise by 27.6%. This indicates a modest level of growth with the number of mortgages taken out rising at an annual average rate of 3% per year. Remortgaging activity will drive the market.
The Mortgage Holders Market Trends Report
The Mortgage Holders Market Trends Report 2019 is the second edition of the report which outlines the broad mortgage trends and developments amongst homeowners who are looking to undertake one of the following: purchase a home; refinance an existing mortgages; raising other forms of finance based on the security of a home.
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