Monthly remortgaging hits £6 billion

remortgageMonthly remortgaging has hit £6 billion for the first time since 2009 in October, which is also 20% higher than September’s £5.1 billion, exceeding the expectations. The remortgaging value is up by almost 49% from October last year and a fifth since last month. The total number of remortgages in October is 37,744 which are up by 22% since September and the highest amount since July 2009. Total equity withdrawn through remortgaging is £1.1 billion being only the second time this year it has exceeded £1 billion.

Expert says: “Remortgaging is back on track in the mortgage market, and so as borrowers benefit from the competitive offers currently available. There have been predictions that abundance more growth is yet to come. The conditions such as, lender desire for the growth in business, surplus competitive deals available in the market, brings remortgage resurrection right on place.”

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