Remortgaging accounted for a third (33%) of mortgage lending in April – up from 28% in March, research from conveyancing service provider LMS has found.
Council of Mortgage Lenders data shows that overall mortgage lending fell by 11% to £18.4bn in April from £20.7bn in April.
But LMS figures show remortgage transactions rose by 8% in that time, as it claimed that remortgage activity is propping up the rest of the flagging market.
Andy Knee (pictured), chief executive of LMS, said: “The remortgage market had a good month in testing conditions.
“In the next few months, the General Election and Brexit negotiations will cast a shadow of doubt over the future of the purchase market.
“Homeowners should seriously consider remortgaging now while rates remain low and in case market conditions worsen significantly.”