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Remortgage lending slumps by 15%

Remortgage lending increased by 8 per cent year on year this August.  Remortgages currently account for 20 per cent of the total market.

According to LMS figures a year on year increase in remortgages was seen last month despite a £561 million drop from July. Also in comparison to 2012, customers withdrew £27.1 million more while remortgaging.

On commenting on the matter Chief Executive of LMS, Andy Knee said: “We all knew that recovery following the downturn in 2008 was going to be a long and bumpy road, so when presented with a fall such as this, it is always best to take a step back and consider them in terms of the bigger picture. “

He added: “Although remortgage lending has experienced a noticeable knock in August there is no need to be despondent as the figures compare favourably year-on-year.”

The average remortgage amount rose by 2.4 per cent from July to August, coming in at £149,367. Interestingly, from June to July, remortgage affordability fell by 1.1 per cent. However, looking at year on year remortgage affordability is up by 0.3 per cent.  

The Council for Mortgage Lenders (CML) reported that total gross mortgage lending levelled out at £16.6bn from July to August.

The stabilising of the mortgage market comes after George Osborne rejected fears that the Help to Buy scheme is creating a housing bubble last week. He also said high LTV rates are not a ‘weapon of mass destruction’.

The average LTV for remortgages, 59 per cent, held steady only rising by 1.7 per cent from the previous month.LMS reports, over the past two years the average LTV has only fluctuated by 4 per cent.

The West Midlands had the highest LTV at 72 per cent compared to London’s average LTV of 60 per cent. London had the biggest average remortgage value at £262,442. 

LMS’s findings are based on their internal conveyancing data, covering thousands of remortgage applications monthly.
By Chanice Henry

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