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Total equity withdrawn through remortgaging equals £1.1 billion, only the second time this year that levels have exceeded £1 billion.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.”
The average amount of equity withdrawn through remortgaging has hit a...
The average amount of equity withdrawn via remortgaging hit a new...
Fewer homeowners are remortgaging to increase the size of their loan,...
Almost one third of borrowers who remortgaged in May increased the...
Landlords with standard buy-to-let properties will lose money when interest rates...
NatWest Intermediary Solutions is cutting rates on a number of its...
As many as four million 18-39 year olds are actively trying...
The National Association of Commercial Finance Brokers (NACFB) is holding an...
Recent surveys showed UK rental prices have hit a record high and...
Recent figures show that the UK is currently facing a housing...
As UK house prices reach new records and the price for...
An analysis of government house price data by business consultancy Hargreaves...
The Bank of England has signalled that more than one interest...
Recent economic data was reassuringly predictable. We learned that core inflation fell...
Shared ownership has failed to deliver an affordable route to home...
There’s been a huge rise in the number of buy to...
Homes Under The Hammer property expert Lucy Alexander is fronting a...
Who are you? I’m the Director of Sales for both...
Who are you? Edward Trustworth, 23 What does it say on...
This week, SearchFlow launches it new brand. Group Marketing...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment