Remortgage lending now makes up a third of the market

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Remortgaging accounted for a third (33%) of mortgage lending in April – up from 28% in March, research from conveyancing service provider LMS has found.

Council of Mortgage Lenders data shows that overall mortgage lending fell by 11% to £18.4bn in April from £20.7bn in April.

But LMS figures show remortgage transactions rose by 8% in that time, as it claimed that remortgage activity is propping up the rest of the flagging market.

Andy Knee, chief executive of 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.”

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Written by: Houseladder