Rise in homeowners borrowing extra cash
The number of homeowners borrowing extra amounts on their mortgage has surged by just over 9% year-on-year, figures from a trade association show.
Home owners are borrowing just over £55,000 on average in addition to what they owe as they take advantage of continued low mortgage rates - and experts said the trend reflects people choosing to improve their existing home rather than move.
The figures from UK Finance also showed the number of first-time buyers has decreased year-on-year for the first time in six months.
There was a 9.1% year-on-year increase in borrowers taking out re-mortgage deals which included some additional borrowing in March, with figures reaching 16,810, UK Finance said.