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Remortgage lending up 19 per cent
According to latest figures from LMS, the number of remortgage lending is up a staggering 19 per cent from last month…
These figures show that remortgaging lending in September went to £4.4 billion, up from £3.7 billion in August, reported by CML – the largest amount seen in a year.
It has been speculated that the rise in results is down to customers capitalising on the competitive deals that are currently on offer.
LMS also stated that it estimated the number of remortgage loans to have risen by 16 per cent (27,734) from August. However, this figure has fallen 14 per cent from this time last year, where there was a total of 32,400 remortgage loans.
The remortgage loan average has also risen to £158,661 – a two per cent rise from August and five per cent higher than the average loan of £151,428 in September 2013.
Commenting on the latest figures, Andy Knee, Chief Executive of LMS said: “This month’s figures demonstrate that many customers are seeking to take advantage of the competitive rates on offer at present. Tighter lending criteria and the introduction of MMR took their toll in the earlier part of the year but the market has recovered well to record the largest lending value seen in the last 12 months.
“There are some excellent offers for customers willing to shop around, and the opportunities for remortgaging in particular are boundless – with the biggest difference in rates between remortgaging and new purchase mortgages that we’ve seen for two years – offering homeowners some welcome relief.
“As affordability remains critical to so many home owners, especially when an interest rate rise occurs, it would be foolish not to examine the options that may be available.
“Continued house price growth over recent months has come to the rescue of many households, bringing them out of negative equity and easing restrictions, providing many with the opportunity to remortage for a better rate.
“People are therefore advised not to be complacent, but to examine their options now as uncertainty ahead of the election next year, the prospect of an interest rate rise and changing economic conditions may introduce a note of caution to the market, curtailing lender appetites.”
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