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Equity withdrawn through remortgaging hits £837m

Equity withdrawn through remortgaging hits £837m

 The total amount of equity withdrawn through remortgaging in December grew by almost one-third from the previous year.

According to research from LMS, £837m of equity was withdrawn in the final month of 2015, up 32% from December 2014’s £635m.

The conveyancing panel management firm said the figure was the largest amount of total equity withdrawn in December for nine years or the equivalent of £30,361 per customer.

Andy Knee, Chief Executive of LMS, said remortgaging activity did slow towards the end of the year but still represented a marked increase on the previous year. 

“Rising housing equity and low rates means borrowers are able to withdraw large sums of equity to support Christmas expenses and buy presents for friends and family without dramatically increasing the cost of their loans,” said Andy.

Andy did however say that 2016 had got off to a rocky start with volatile financial markets, limited economic growth in the UK and the weaker pound. 

On the plus side, he said Bank of England Governor Mark Carney had also ruled out the likelihood of an interest rate rise until 2017 – welcome news for all borrowers. 

“It’s therefore understandable why people may not think it necessary to remortgage right now,” said Andy.  

“However, as the New Year begins we urge homeowners to take stock of their finances to avoid being caught out when rates do start to rise. 

“Whether this means withdrawing equity to pay off other debts, or fixing to a lower rate to reduce monthly outgoings, an intermediary can be invaluable in advising customers of their best course of action.”

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