Figures released by UK Finance show there were 9,960 new first-time buyer mortgages completed in London in the second quarter of 2019, 1.2 per cent more than in the same quarter in 2018.
There were 6,240 new homemover mortgages completed in London in the second quarter of 2019, 3 per cent fewer than in the same quarter in 2018.
The average mortgage size of a first-time buyer in London is £298,560 and they use 3.8 times salary income multiple. Their typical age is 33 and they use 17.6% of household income to service capital repayment mortgages on average.
Aaron Strutt, product director at Trinity Financial, says: "UK Finance’s data also shows there were 13,030 new homeowner remortgages completed in London in the second quarter of 2019, 9.5% fewer than in the same quarter in 2018.
"The typical loan size for someone remortgaging in London is £310,807 and their average income multiple is 3.08 times salary. They use 16.5% of their gross household income to pay the mortgage, their age is 42 and they have a 49% deposit."
Homemovers typically borrow £439,884 to move in London and require a 3.77 times salary income multiple. They spend 17.7% of monthly gross income to service their mortgages and the average age of a borrower is 39. They tend to have a 35% deposit.
Trinity Financial has offices in Mayfair and Islington. Call us on 020 7016 0790 to secure a mortgage or book a consultation