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.”