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Remortgage lending up 10.2%


Remortgage

The value of remortgage lending increased by 10.2% year-on-year to £6.5bn in November 2017, according to the latest data.

Figures from UK Finance revealed that there were 38,400 new homeowner remortgages in November, up 8.5% on the same period in 2016.

Buy-to-let remortgage volume in November 2017 decreased by 3.6% to 13,500, while the value of BTL remortgages stood at £2.1bn, down 4.5% year-on-year.

Nick Chadbourne, chief executive of LMS, said: “The 10% rise in the value of remortgaging over the year shows the continued buoyant market.

“With the inflation rate still sitting far above the Bank of England’s 2% target, the impact on consumer affordability remains at the forefront of decision making. 

“With the squeeze on household incomes – in real terms – there’s a huge incentive for consumers to try to lower monthly repayments by remortgaging.

“The health of the wider mortgage market is being supported by first-time buyers.

“This is being driven by three things: the exemption of stamp duty – creating a prime opportunity for first-time buyers to act now, great rates for high LTV mortgages aimed at first-time buyers (which have risen less than low LTV mortgages since interest rates went up in November) and comparatively good product availability at that end of the market.”





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