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Remortgaging up 8%


Remortgaging accounted for 33% of total mortgage lending in April, according to LMS.

The conveyancing service provider found that a total of 38,474 remortgage transactions took place during April, an 8% rise from the 35,500 deals made in March and up 10% on April 2016.

The value of remortgage lending also increased to £6.1bn as LMS felt homeowners were turning to remortgaging as a way to ease pressure on the family budget. 

“With total mortgage lending falling, the market share of remortgaging increased to 33% from 28% in March,” said Andy Knee, chief executive of LMS.

“In the next few months, the general election and Brexit negotiations will cast a shadow of doubt over the future of the purchase market.

“Homeowners should seriously consider remortgaging now while rates remain low and in case market conditions worsen significantly.”

Home improvements remained the most popular remortgage driver in April (24%), whereas 15% remortgaged to unlock equity to pay off debts, a rise from the 11% who did the same in March. 

Meanwhile, 72% of remortgagors consulted a broker, in comparison to the 63% who did so in March. 

Of those who used a broker, 57% said this was as a result of looking to make the best savings possible, up from the 47% who said this in March. 

“The fall in real wages in the first three months of the year has placed a real strain on family finances,” added Andy. 

“Despite this, it is encouraging to see increased numbers of homeowners planning their finances in advance by remortgaging in order to pay off debts, and consulting with brokers in the process, to ensure they get the best possible deal.”

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