UK Remortgage reaches eight year high in July

residentialMonthly gross remortgage lending in the UK was at its highest level for almost eight years in July, reaching over £7 bn. According to the report from LMS, conditions for remortgaging were boosted by the EU results. The number of remortgage loans also increased by 27% from 32,400 in June to over 41,150 in July up by 36% year on year. Rising house prices, reducing rates and uncertainty have all contributed to a favourable outlook for the remortgage market.

Andy Knee, chief executive of LMS, says: “The effect of the EU result has not overshadowed an environment that is ready for remortgaging, as product rates plummeted to new lows. Home owners have been quick to capitalise on this. Report shows that almost two thirds remortgaged in July to take advantage of competitive rates, highlighting that significant savings are ready for the taking. Many could seek stability by remortgaging now, and there is expectation in activity to maintain its momentum through the rest of 2016.”

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