Remortgaging value reaches record high in October

Jessica Nangle

November 30, 2016

The value of remortgaging reached £6.8m which is the highest amount since 2008, latest data released by LMS reveals.

The value has risen by a fifth from this time last year and the month of October saw the highest number of remortgage transactions since 2009 with over 40,000.

LMS claim that the revival in remortgaging activity comes as homeowners look to lock into record-low rates and in anticipation of a rate rise in 2017, amid continued political and economic uncertainty.

Andy Knee, chief executive of LMS said: “The remortgage market has enjoyed a revival since September’s post-Brexit low.

“There are several key driving forces behind this revival and some of this is seasonal. In the run-up to Christmas, families are looking to tighten the purse strings, reduce their monthly bills and prepare for the festivities.

“Another factor is that homeowners are cautious of what the future may hold. Political and economic uncertainty stemming from June’s EU referendum result has affected people’s priorities, and families are seeking long-term security.

“While we wait for the outcome of Brexit negotiations, some homeowners are locking in low rates and fixing their monthly repayments.”

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