Remortgaging activity is ‘propping up’ a slowing mortgage market, accounting for 33% of total lending.
A total of 38,475 remortgage transactions were recorded in April, an 8% increase from March and a 10% growth annually.
The value of remortgage lending has increased 2% month-on-month to £6.1 billion.
The reasons behind these remortgages vary greatly. Less than a fifth (15%) remortgaged to unlock equity to pay debts, while 24% remortgaged to free up money to be spent on home improvements.
Fixed rate deals have proved incredibly popular, with 34% fixing for five years, compared to just 8% who previously had a fixed five year deal.
Three quarters of remortgagers (72%) consulted a broker for help finding and selecting the right mortgage for them, compared to 63% in March. Of those, 57% said they chose to work with a broker to ensure they made the best possible savings.
If you’re looking to remortgage your property and you’d like help to find the right deal for you, please get in touch with our team of experienced mortgage brokers. Once we’ve found a mortgage you’re happy with, we’ll help you from the initial application stage right through to completion. So whether you’re moving home or looking to free up equity for a large life milestone, we’ll help you make the most of your money.
