Number of UK Remortgages up in June

The numbLondon-Housinger of remortgages taken out in the UK increased in June, but is down slightly in value month on month and year on year. According to LMS, the value of remortgaging has fallen year on year, which means that the average amount of equity withdrawn in June has fallen by 15% year on year and 13% month on month. Overall there were over 32,850 remortgage loans taken out in June, a rise of 6% month on month and 1% higher year on year. Due to the stable rates, the annual repayment for remortgages has fallen.
Andy Knee, chief executive of LMS, says: “There was a strong start to the year with remortgages lending up year on year each month in 2016, when home owners had rushed to remortgage in a desire to get better rates before a rate rise. But activity in June has slowed with the value of remortgage lending down as indecision increased in the lead up to, and following the referendum. EU result is very likely the small drop occurred as people took pause amidst the uncertainty before making any decisions, While the real impact of referendum will be seen to begin from July’s figures.”

Leave a reply

Your email address will not be published.

Back to home page