An update on mortgage trends from UK Finance reveals that the number of remortgages in January were the highest for nine years.
The report also found an increase in the number of first-time buyers and home movers compared to the same period in 2017.
Some 49,800 new homeowner remortgages were completed in January 2018, 19.1% more than in the same month the previous year. This is the highest monthly number of remortgages since November 2008, when the figure stood at 51,300.
Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance said:
“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."
“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."
“We saw the usual dip in both first-time buyers and home-movers post the December festive period, but mortgage lending in both segments increased compared to the same period in 2017."
“However, growth in the buy-to-let market remains subdued, reflecting the ongoing impact of recent tax and regulatory changes.”