According to the figures, there were 6,900 new first-time buyer mortgages completed in Scotland in the first quarter of 2018, some 9.2% fewer than in the same quarter of 2017. The £0.8bn of new lending was 2.4% down year-on-year. The average Scottish first-time buyer is 29 and has a gross household income of £35,000.
There were 6,600 new homemover mortgages completed in Scotland in the first three months of 2018, some 2.9% fewer than in the same quarter of 2017. The £1.05bn of new lending in the quarter was 1% more year-on-year. The average Scottish homemover is 39 and has a gross household income of £51,000.
There were 8,700 new Scottish homeowner remortgages completed in the first quarter, some 6.1% more than in the same period a year earlier. The £1.07bn of remortgaging in the first quarter was 9.2% more year-on-year.
Douglas Cochrane, chair of UK Finance's Scotland Mortgage Committee, said: "This is the highest level of remortgaging we have seen since the end of 2011. Competitive mortgage rates and speculation of a Bank of England rate rise are likely to have spurred homeowners in Scotland to lock in to advantageous deals.
While we have seen a fall in completions for first-time buyers over this period, the announcement in April to extend the Help to Buy scheme in Scotland until March 2021, should help encourage more people to take their first step on to the property ladder."