The remortgage market has reached its highest level in a decade bolstered by competitive rates, according to the latest UK Finance figures.
In its mortgage trends update out today (December 12), the trade body reported 50,500 homeowner remortgages completed in October, representing an increase of 23.2 percentage points on the previous year.
At a value of £9.2bn this was 22.7 percentage points higher than in October last year.
The first-time buyer market also saw reasonable growth in October, increasing by 8.2 percentage points on the same month a year earlier to reach 32,900 deals.
UK Finance found the average first-time buyer in the month was aged 30 with a gross household income of £42,000.
Jackie Bennett, director of mortgages at UK Finance, said the figures showed homeowners were taking advantage of a competitive market and locking into attractive deals.
She added: "This also reflects the large number of fixed rate mortgages coming to an end, which is expected to continue into 2019.
"There has been relatively strong growth in the number of first-time buyers, with schemes such as Help to Buy providing vital support to those getting a foot on the housing ladder."
The government’s Help to Buy scheme was extended in the Autumn Budget, now due to end in 2023.
Below are a set of resources recommended for Brokers wishing to engage with these lucrative clients.
Guide to the Help to Buy Schemes available:
https://rise.articulate.com/share/nId0O87_xbhUVP1NbnVhsQaJwamsoWwe
This quick e-learning module runs through the three main HTB 'products'
Guide to Options for Existing Help to Buy Clients:
https://rise.articulate.com/share/UcFO1hl7pIBrf5m1Iqd3bCHxvZ-jJkFL
This e-learning module covers three options available to HTB clients.
CPD Materials for Help to Buy Training:
https://www.ftadviser.com/help-to-buy/
Ongoing learning on this subject is highly recommended.
Help to Buy Client Pack:
https://docs.wixstatic.com/ugd/1bca10_53e2e91c7ffe44c292f797756ba8e65c.pdf
Supporting clients with their options so they can make an informed choice should mean its more likely they pick you, the broker who helped them.
This pack can be sent to clients with HTB queries.