"2016 has been a year of turbulence. But it has been a positive one for remortgaging"
According to LMS, the total number of remortgages hit 384,950, an increase of 15% from 333,400 in 2015. Over the course of a year the difference is equal to almost 4,300 additional remortgages each month.
The data revealed that there were 36,850 remortgages in November alone, an annual increase of 21%, and the highest number since July 2009.
As with most other sectors, remortgaging activity plummeted after the financial crisis, decreasing 55% in value and 52% in volume between 2008 and 2009.
However, compared to 2010, when remortgaging reached its lowest point – just £40.1bn in value and 319,300 by volume – activity has increased by 64% to £65.7bn and by 21% to 384,950 in 2016.
89% of remortgagors were able to lower their monthly mortgage rate in 2016 and one in five lowered their monthly repayments by up to £500.
When surveyed, 66% of people who remortgaged in November plan to remortgage again within the next four years in a bid to keep capitalising on the low rates available.
According to LMS, the total number of remortgages hit 384,950, an increase of 15% from 333,400 in 2015. Over the course of a year the difference is equal to almost 4,300 additional remortgages each month.
The data revealed that there were 36,850 remortgages in November alone, an annual increase of 21%, and the highest number since July 2009.
As with most other sectors, remortgaging activity plummeted after the financial crisis, decreasing 55% in value and 52% in volume between 2008 and 2009.
However, compared to 2010, when remortgaging reached its lowest point – just £40.1bn in value and 319,300 by volume – activity has increased by 64% to £65.7bn and by 21% to 384,950 in 2016.
89% of remortgagors were able to lower their monthly mortgage rate in 2016 and one in five lowered their monthly repayments by up to £500.
When surveyed, 66% of people who remortgaged in November plan to remortgage again within the next four years in a bid to keep capitalising on the low rates available.
