The number of homeowners deciding to remortgage has hit a four year low, according to the LMS Remortgage Report. November saw 22,472 people remortgage; this being a fall of 23.6% from figures in October which had 29,399 homeowners remortgage. This is the lowest number of remortgage loans since the start of the credit crunch in 2008.
Similarly, the value of gross lending fell from October to November; with lending falling by £949 million to £3.1 billion. However, this is £114 million higher than lending in August, which experienced a 12 year slump in gross lending, since December 1999.
Despite the decline in the number of people remortgaging, the average loan amount rose by £373, to £138,573 per loan, which is the highest since December 2008.
Figures released by the Council of Mortgage Lenders also revealed that gross lending across the market has kept static at £12.9 billion; thus remortgaging, despite the drop in those taking out a loan in November, still counts for 24% of the total lending market.
According to Andy Knee, chief executive of LMS, despite the fall in the number of people remortgaging in November, the total value is still higher than the trough of the market in August 2012, which is being attributed to a seasonal lull in homeowner activity.
Our customers have rated our service
It was quite an easy decision to make.... the run of the mill mortgage brokers really were not going to be able to help me on this one. I would recommend Capital Fortune to anyone asking.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Capital Fortune Ltd is an Appointed Representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.
Capital Fortune Ltd is a company registered in England and Wales with company number 05683249. The registered office address is 128-129 Cheapside, London, EC2V 6BT.
The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
The Financial Conduct Authority does not regulate some forms of buy to lets, commercial mortgages, secured loans, unsecured loans, bridging loans, trusts, overseas mortgages, and conveyancing or debt management.
There will be a fee for our services, the precise amount will depend upon your circumstances, however we estimate that it will be £1495 in total and never more than 2% of the mortgage amount. The fee is typically payable £495 upfront with the balance due immediately on completion. The fee will be refunded if we fail to secure you an agreement in principle based upon the information your provide in the FactFind. You will not receive a refund if, having undertaken the FactFind, you provide inaccurate information, choose not to accept our recommendation or withdraw from the mortgage process.
You will be provided confirmation of our services which we will email to you in our Initial Disclosure Document (IDD).
Calls may be recorded for training and monitoring purposes.