LMS figures reveal that monthly gross remortgage lending increased by £489m in April to £3.4bn. This is up 17.0% on March’s £2.9bn reported by the Council for Mortgage Lenders last week.
The CML has also reported that total gross mortgage lending rose 4.3% in April to £12.1bn, from £11.6bn in March. As a result, remortgages now represent 28% of the market; this is the highest proportion since October 2012 (32%).
LMS estimates that the total number of remortgage loans in April increased by 16.1% to 24,042 compared with 20,700 in March. This figure, however, is down 8.1% on this time last year.
The average remortgage loan amount has risen slightly over the past month and now stands at £140,260. Although this figure is not as high as February’s peak, it is 7.9% higher than this time last year (£129,957).
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