LMS figures reveal that monthly gross remortgage lending decreased by £561m in August to £3.2bn.
Although this is down 14.8% on July’s £3.8bn reported by the Council for Mortgage Lenders last week, it is 8.0% higher than this time last year.
The CML has also reported that total gross mortgage lending held steady at £16.6bn in August. As a result, remortgages now represent a fifth (20%) of the market.
LMS estimates that the total number of remortgage loans in August decreased by 19.7% to 21,682, compared with 27,000 in July. This figure is also down 4.5% on this time last year (22,700).
The average remortgage loan amount, however, has risen by 2.4% over the past month and now stands at £149,367. This figure is also 10.3% higher than this time last year.
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