Latest data from UK Finance shows there were 24,880 new first-time buyer mortgages completed in February 2019, 4.1% more than in the same month in 2018.
23,660 homemover mortgages were completed in the month, 0.1% more year-on-year.
While homemovers are at the same levels they were at this time last year, this is the fifth consecutive month of year-on-year growth in first-time buyers.
There were 18,200 new remortgages with additional borrowing in February 2019, 10% more than in the same month in 2018. For these remortgages the average additional money taken out in February was £52,000. Additionally, there were 18,360 pound-for-pound remortgages (with no additional borrowing), 7.8% more than in the same period last year.
The average loan to value ratio in the remortgaging market was 57% while the average loan-to-income ratio was 2.74. This is considerably lower than mortgages for house purchases which showed an average loan to value ratio of 72% and a loan-to-income ratio of 3.37.
UK Finance said customer engagement in the remortgaging market remains high with borrowers able to access a wide range of competitive products.
There were 4,800 new buy-to-let home purchase mortgages completed in February 2019, 7.7% fewer than in the same month in 2018. There were 14,400 remortgages in the buy-to-let sector, 2.1% more than in the same period last year.
While buy-to-let house purchases continue to contract due to tax and regulatory changes, buy-to-let remortgaging has increased as borrowers move from fixed rate mortages and lock into new attractive rates.