Remortgaging market still down on last year

Remortgaging market still down on last year

Monthly gross remortgage lending has increased 6.2%, meaning it now represents 28% of the market.

The latest LMS Remortgage Report shows that remortgaging increased by £168m to £2.9bn in January.

Even with the increases, gross remortgage lending is still 26.2% lower than it was at the same time last year, meaning tough times for those who rely on remortgaging work.

LMS estimates that the total number of remortgage loans in January increased by 5.5% to 20,332 compared with 19,279 in December.

Andy Knee, chief executive of LMS said: “Seasonal factors and bad weather in December had a severe impact on purchase lending in January, but the same cannot be said about remortgaging.

“The remortgage market has resisted a normal seasonal downturn, reaping the benefits of competitive rates which are now available because of the Government’s Funding for Lending Scheme (FLS).

“We expect this growth to continue into February and March.”

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