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Remortgages plummet due to MMR


Remortgages plummet due to MMR

A report by LMS has shown that remortgaging has continued to slow following the implementation of the MMR.

According to a report by, LMS, remortgaging has continued to slowdown in the aftermath of MMR.

In May the total value of the lending had fallen by 17% to £3.3bn, the total number of loans also dropped to 21 396 – more than a quarter compared to last year, yet again showing how the mortgage market is slowing down.

LMS figures reveal that monthly gross remortgage lending saw a monthly drop of 17% to £3.3bn, down from the £4bn in April reported by the Council for Mortgage Lenders (CML) last week. It is also down 15% from last year making it the smallest total value since March 2013 providing further evidence of a cooling mortgage market.

It is also estimated by LMS that the number of remortgaging loans fell by 19% to 21 396 in May, this figure is down by 27% compared to the same time in 2013 when there were 29 300 remortgages recorded.

Commenting on the latest figures, Andy Knee, Chief Executive of LMS said: “Remortgaging continues to lead the market slowdown as lenders tighten their lending criteria, pre-empting any government cap to tackle concerns about an overheated mortgage market. In some cases customers have been put off by the less competitive rates now on offer, as lenders raise rates to give themselves some breathing space as they get to grips with MMR.

“We expect remortgage lending to recover strongly in the months ahead when lenders fully adjust to the system, rates improve and a base rate rise finally happens. In fact some lenders have already reported increased enquiries to switch following Mark Carney’s comments last week.

“That the average amount of equity being released through remortgaging saw a 44% increase since last month – the highest figure since November last year – indicates that household finances are still under pressure. But a welcome respite can be seen with inflation falling to four-year low which should begin to ease pressures on the purse-strings.”

The remortgage market share now equates to 20% of the total market, a drop from 24% in April and 26% in May 2013.

 

 

 

 




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