News

Sharp Rise in Number of Remortgages

New figures from UK Finance have revealed a sharp rise in the number of remortgages in the UK, with numbers reaching a nine-year high in January this year. 

According to the figures, there were 49,800 new homeowner remortgages completed in January 2018, which is 19.1% more than in the same month a year earlier. This is apparently the highest monthly number of remortgages since November 2008, when the figure stood at 51,300. The £8.9bn of remortgaging in January 2018 was 20.3% more year-on-year.

In addition, UK Finance has revealed that in January 2018:

• There were 24,500 new first-time buyer mortgages, some 7% more than in the same month a year earlier. The £4bn of new lending in the month was 11.1% more year-on-year.
• There were 25,000 new home mover mortgages completed, a rise of 6.4% compared to the same month a year earlier. The £5.4bn of new lending in the month was 10.2% more year-on-year.
• There were 16,500 new buy-to-let remortgages, which is 17.9% more than in the same month a year earlier. By value this was £2.6bn of lending in the month, 18.2% more year-on-year.

“Remortgaging in January reached a nine-year high, as a number of previous fixed rate mortgages came to an end while borrowers locked into attractive deals amid expectations of further interest rate rises,” commented Jackie Bennett, Director of Mortgages at UK Finance. “While an increase in remortgaging is expected in the New Year as people put their household finances in order, this strong growth is above the seasonal fluctuations we tend to see at this time of year.” 

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