Remortgage lending has reached a new high, surpassing figures last seen before the financial crisis, as borrowers continue to take advantage of new mortgage deals, the latest Bank of England stats reveal.
According to the latest Bank of England Money and Credit figures, remortgage approvals rose to 47,721 in December, hitting a new eight-year high.
This figure is an increase on the 45,683 approvals seen in November, which was highest since October 2008.
Approvals for house purchase remained stable at 67,898, in line with figures from recent months.
Total lending on secured dwellings was also on the rise in December, hitting £3.8 billion, which is the highest flow seen since March 2016.
Jeremy Duncombe, director, Legal & General Mortgage Club, said:
“The Bank of England’s figures clearly show a strong end to the year for the mortgage market. It is particularly encouraging to see so many savvy borrowers taking the initiative and saving themselves a potentially significant sum of money by swapping their existing mortgage deal."
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