Remortgage Lending Rises 33%  in Jan 2014 from Jan 2013

Remortgage Lending Rises 33% in Jan 2014 from Jan 2013

In Jan 2014 remortgage lending rose to £4.27 bn, up 33% on the same month last year. Source LMS Remortgage report

Gross mortgage lending was an estimated £15.5 billion in January, according to the Council of Mortgage Lenders. This is down 8% compared to the gross lending total of December 2013; however, it is a third higher than January 2013 (£11.6 billion). 

Remortgaging now accounts for more than a quarter of the total market (28%).

An estimated £354 in total equity was withdrawn by remortgaging in January.

The average remortgage amount varies considerably across UK regions and is broadly in line with the average house price in these areas. 

Commenting on the latest figures, Andy Knee, Chief Executive of LMS says:
“2014 has raced out of the blocks and got off to a solid start, with remortgaging seeing sustained growth and gained an even larger share of the total market — now over a quarter at 28%.

“Gross remortgage lending and the number of remortgages taken out increased by 12% and 11% respectively in January, showing no signs of a post-festive lull. With hugely competitive rates on offer and continued interest from consumers, the next few months are sure to be a hot bed of activity.

The Bank of England envisages that approvals may climb to 90,000 a month in the second and third quarters of 2014. 

A productive period is ahead for conveyancers. 

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