Remortgaging up 20% from last year

In September remortgaging was up 10.4% from August at £3.9bn, up 20.8% from September 2012.

According to the latest figures from LMS, remortgaging now accounts for 24% of the market.

Overall gross mortgage lending fell slightly in September to £16.2bn.

This is up 10.4% on August’s £3.5bn reported by the Council for Mortgage Lenders (CML) last week, and 20.8% than this time last year.

LMS estimates that the total number of remortgage loans in September increased 1.7% from August and 5.4% from September 2012.

Andy Knee, chief executive, LMS said: “Following a slight knock in August, the remortgage sector appears to have leapt back on its feet — with remortgage lending growing by more than 10% during September.

“The market as a whole has been contracting slightly over the past three months, and as a result remortgages now account for a larger proportion of the market.”

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