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LMS monthly remortgage snapshot: October 2023

LMS, the UK’s leading conveyancer and panel management specialist, has today released its monthly remortgage snapshot. 

This month’s update showed:

  • £187.72 average monthly repayment increase for those who remortgaged in October
  • 39% of borrowers increased their loan size in October
  • 41% of those who remortgaged took out a 2-year fixed rate product, the most popular product in October
  • 67% said their main aim when remortgaging was to gain longer term security, the most popular response

Nick Chadbourne, CEO, LMS commented:

Remo pipeline drops as expected as economic circumstances increase product transfers”

“October has seen an ongoing fall in remortgage activity – instructions fell, cancellations increased and while the pipeline only dropped slightly, this is because completions also decreased – that is to say, there has been a fall in the number of cases successfully progressing to the end of the process. This was entirely expected. While interest rates have stabilised for now, they remain high and unlikely to drop until late 2024, and, in the current cost of living crisis, borrowers are understandably avoiding the need to undergo affordability tests by opting for product transfers instead.

This is predicted to remain the case in November and throughout Q4. There are almost a million products maturing this side of Christmas, but we expect the vast majority of these to opt for product transfers while those who need to remortgage will go continue to favour 2 year fixes as they have done this month in the hope that rates fall by 2025.”

Read full report here: Report-Oct23

This article was submitted to be published by LMS as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

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