Remortgaging accounts for third of mortgage lending

Remortgaging accounts for third of mortgage lending

The latest LMS Remortgage Report for October shows that remortgaging increased 13.3 per cent to £12.9bn.

This means that remortgaging as a proportion of gross lending now stands at 31 per cent.

Overall remortgage lending rose to £4.1bn its highest figure since November 2011. This represents an overall increase of 23.1 per cent.

LMS chief executive Andy Knee said: “October showed a second consecutive month of growth in the total value and number of remortgages as people took the opportunity to snap up the good deals that are now available — uncertain about just how long they might be around.

“Factors such as the Government’s Funding for Lending Scheme and increased lender competition have acted as a positive influence on the market and attracted homeowners who were otherwise happy to sit tight on a lender’s SVR.”

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