November re mortgage lending rose to £4.22bn, up 0.4% on October’s £4.20bn. November’s figure is also 24.1% higher than this time last year, according to the LMS Re mortgage Report.
Total gross mortgage lending fell to £17.0bn; re mortgaging now accounts for 25% of the total market.
Those re mortgaging are each taking out an average of £26,498 in extra equity (above the value of the redeeming loan). This figure is not only 22.8% higher than the previous month and 33.5% higher than this time last year – but it is in fact the highest figure on record. This figure implies the total amount of equity withdrawn by re mortgaging in November to be £741.1m.
LMS figures reveal that monthly gross re mortgage lending increased by £18m in November to £4.22bn. This is up 0.4% on October’s £4.20bn reported by the Council for Mortgage Lenders last week, and 24.1% higher than this time last year.
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