Remortgaging up, but still lower than previous years

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Remortgaging up, but still lower than previous years

Monday Aug 31st , 2015

Tom Wright

31,600 remortgage loans were handed out in June with a collective value of £5.1bn, according to the latest report by the Council of Mortgage lenders.

The latest figures show a jump of over 30% since May and over 31% since June 2014, and Paul Hunt, Managing Director of Phoebus Software, believes this growth could continue.

“The uplift in re-mortgage activity in June, although welcome, is still well below previous levels at 32%, so there is definitely the potential for further increases in this part of the market,” said Paul.

“The inevitability of the first raft of interest rate rises, predicted for early 2016, could be the catalyst that will urge homeowners to look now at their current mortgage deals and seek some longer term security before rates begin to rise.”

Overall buy-to-let lending has also increased sharply, with a 64% year-on-year increase in buy-to-let remortgage activity.

David Copland, Director at TMA Mortgage Club, said: “This is a sure sign of savvy buy-to-let investors capitalising on the record low interest rates that have been available.

“Following the summer budget the question is what, if any, impact will the tax relief changes for buy-to-let landlords have on the market in the longer term?”

First-time buyers saw a large monthly increase with the number of loans jumping up 22% to 28,300.

Competitive mortgage rates mean that first-time buyers are now paying a record low proportion of their monthly income on mortgages.

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Remortgaging up, but still lower than previous years

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