Remortgage lending continued to rise in April, supporting an otherwise slowing mortgage market, according to new industry figures.
LMS, a leading UK provider of conveyancing panel management services, has reported that 38,475 remortgage transactions took place in April; an 8% rise on the 35,500 deals recorded in March.
On an annual basis, the number of remortgage transactions rose by 10% up from 34,700 in April 2016, and the value of remortgage lending also rose by 2% month-on-month to £6.1bn.
Total mortgage lending, meanwhile, fell by 11% from £20.7bn in March to £18.4bn in April, according to the Council of Mortgage Lenders (CML).
As such, remortgage activity accounted for approximately a third (33%) of April’s total lending, having risen from 28% in March.
Andy Knee, chief executive, LMS, said:
“The remortgage market had a good month in testing conditions.
“In the next few months, the general election and Brexit negotiations will cast a shadow of doubt over the future of the purchase market.
“Homeowners should seriously consider remortgaging now while rates remain low and in case market conditions worsen significantly.”
You may also be interested in:
Mortgage lending grows in March, but falls below 2016 levels
CML lending figures for March 2017.
Stamp Duty FAQs
Simon Whittaker answers the most commonly asked questions around SDLT - including information on mixed use properties and non-residential Stamp Duty rates.
FAQs on Ltd Co borrowing for buy to let
Frequently asked questions on limited company borrowing for buy to let mortgages.