Number of remortgages up 10% on last year
Remortgaging in March 2016 was up 10% on March last year according to research by LMS, with a predicted 30,282 remortgages being processed.
The number of remortgages is also up on February, with 7% more remortgages processed.
However the value of those mortgages decreased, with the average loan amount falling from £158,144 to £153,916 from February to March. The value does however sit slightly higher than March 2015’s value by around 4%.
The definitive data from the Council for Mortgage lenders will be published on 17th May.
Andy Knee, Chief Executive of LMS said: “March witnessed a very strong month for mortgage lending as house buyers rushed through purchases before the changes to Stamp Duty for second homes and buy-to-let came into being while remortgaging remained steady.
“Over the coming months, continued speculation about the possibility of a Brexit will continue to dominate news and wreak havoc with the financial markets. However, this should not dissuade people from remortgaging.
“Competitive rates mean the affordability of remortgages remains good and home owners can vastly cut their monthly outgoings or withdraw large sums of money to cover an immediate cost. Latest views from the Bank of England suggest the base rate could fall even further boosting an already positive offering.”