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TODAY'S OTHER NEWS

Monthly remortgaging soars to six-year high

Monthly remortgaging topped £6 billion for the first time since 2009 in October, exceeding even the most optimistic expectations.

The value of remortgaging is up by almost 49% from October last year and a fifth since last month.

The number of remortgages hit 37,744 in October, up 22% since September and the highest amount since July 2009

Total equity withdrawn through remortgaging equals £1.1 billion, only the second time this year that levels have exceeded £1 billion.

Latest figures from LMS show that remortgaging in October totalled £6.1 billion, 20% higher than September's figure of £5.1 billion, which is based on CML figures.

Andy Knee, chief executive of LMS said: “Remortgaging is back with a bang, and rightly so as borrowers capitalise on the competitive offers currently available."

He said there could be plenty more growth to come. "We’re nowhere near pre-recession levels – when monthly lending frequently exceeded £10 billion – showing that there is plenty of capacity for continued growth over coming months and years.

“We have all the right conditions in place for a remortgage resurgence; lender appetite for growth in business; a plethora of competitive deals available in the market; and homeowners sitting on unparalleled housing stock value.”

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