Monthly gross remortgage lending fell by £949m in November to £3.1bn, according to LMS’ November Remortgage Report. This is down 23.4% on the £4.1bn reported by the CML for October.
According to the latest figures released from the CML, gross mortgage lending was static in November, remaining at £12.9bn. However, due to the fall in gross remortgage lending over the last month, it now represents just under a quarter of the total market (24%).
Although November’s remortgage lending figure has fallen it is still £114m more than in August 2012, when gross remortgaging lending fell to its lowest level for 12 years (December 1999). This stagnation is reflected across the mortgage market and can be attributed to a seasonal lull in homeowner activity.
The average remortgage loan amount increased moderately in November, rising by £373 to £138,573. This is a new 2012 peak. Average loan amounts have continued to rise since hitting an 11-month low in May (£128,381). November’s figure is also 5.5% higher than this time last year (£131,350 – November 2011) and the highest it has been since December 2008 (£143,126).
LMS figures indicate that the total number of remortgage loans advanced fell by 23.6% in November, down from 29,399 in October to 22,472 in November.
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